JD.com starts marketing overseas properties to its 300m online buyers
E-commerce giant expands domestic real estate offering by selling overseas properties in partnership with international property listing site Juwai.com
JD.com, the Chinese e-commerce giant, has expanded its domestic real estate offering by selling overseas properties too, despite the strict capital controls still in place on money leaving the country imposed by the government.
From Sunday, the website is partnering with Juwai.com – an international property listing site targeting mainly Chinese – to market villas and flats on JD.com with those in the US, Britain and Canada to follow.
Juwai has 2.2 million monthly users and showcases 2.8 million listings from 90 countries, but the arrangement means it can now market its offerings to nearly 300 million JD.com users.
Juwai officials said advertising online ties in well with the shopping habits of Chinese consumers, who mainly use their phone or apps to buy property.
Mainland residents are still subject to a US$50,000-per-year currency exchange quota.
JD declined to comment whether this overseas marketing foray might signal any easing in China’s strict capital controls, introduced in late 2016 amid the yuan’s depreciation and accompanying fears of sharp capital outflows.