Two giant China-based online retailers are joining forces and will be working together to list Canadian real estate properties.
Juwai, described as the largest Chinese international property portal and a market leader in China, announced that it will be working with Chinese e-commerce giant JD.com to reach 292.5 million customers online.
Together, the companies say this will allow those customers to view and browse real estate listings for properties in the US, the UK, Australia, and Canada on JD.com. Afterwards, a Juwai real estate agent will connect with the customers to get more information or to move forward with a purchase.
“This partnership with JD.com is incredibly innovative and exciting on one level, but on a deeper level it simply represents Juwai.com continuing to fulfill its core mission of helping Chinese become global residents and investors,” said Juwai CEO Carrie Law in a statement.
“Indeed, there’s no question that the Chinese love for Canada remains robust, and Vancouver is undoubtedly one of the hottest housing markets there with homebuyers from China,” states Juwai, adding that Vancouver retained its ranking as the second most-viewed Canadian city for Chinese buyers on their website last year.
Juwai said that foreign buyer taxes likely won’t have an impact on Chinese buyers.
“From our point of view, the raised foreign buyer taxes is likely to have minimal impact on wealthy Chinese buyers seeking to purchase in Vancouver or elsewhere in the BC province.”
“Whatever dip in Chinese buyer demand there isn’t due to the raised foreign buyer taxes, but rather because of its real estate prices that are overpriced.”
Founded in 1998, JD.com is China’s largest online retailer and is often compared to Amazon. The website already shows Canadian real estate listings.