Real estate consultancy firm World Union has agreed to lead a RMB 420m ($67m) series A round for China-based property listing platform Qfang, China Money Network reported on Friday citing a securities filing.
WorldUnion will acquire a 15% stake in Qfang through the round, which will be completed once the investment is approved by both boards.
Founded in 2013, Qfang operates both an online classified listings platform and 16 branch offices in southeast China, including the country’s capital, Beijing.
The company has also partnered with more than 300 franchise agencies. Its network currently includes more than 80,000 brokers, which Qfang hopes to increase to one million in the next five years spanning 800 cities.