Lianjia Revenue, Valuation, Funding & Investors
Lianjia is valued at $6B as of April 2017, a 2.7x revenue multiple. Lianjia revenue was $2.3B, as disclosed with its latest round.
About Lianjia
Lianjia, formerly Homelink, is a Beijing real estate brokerage that sells and rents existing homes and new homes through company-owned stores and an online listing platform. Zuo Hui founded it in November 2001 with 27 staff, and it grew into the largest residential brokerage in China, with roughly 6,000 offices and more than 120,000 brokers by 2019. It reported 15.52 billion yuan of revenue and 709 billion yuan of transaction value in 2015. Investors have included Tencent, Baidu, Hillhouse Capital, Sunac and China Vanke, and in 2018 its operator launched the Beike platform, which later listed as KE Holdings. Lianjia expanded through mergers, including the 2015 combinations with Shanghai-based Deyou and Shenzhen-based Zhonglian Real Estate.
Founded
2001
HQ
BeijingWebsite
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Commission, Advertising
Revenue
$2.3B (Apr 2017)
Valuation
$6B (Apr 2017)
Sectors
Lianjia Valuation
Lianjia is currently valued at $6B, based on its Series D in April 2017. Read the announcement ↗
The $436M round was led by China Vanke.
Lianjia's valuation has grown 1.1x from $5.7B at its Series B in April 2016 to $6B in April 2017, across 3 priced rounds.
Lianjia valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2017 | Series D | $6B | 2.7x |
| Jan 2017 | Series C | $6B | 2.7x |
| Apr 2016 | Series B | $5.7B | 2.4x |
Lianjia Revenue
Lianjia's latest recorded revenue is $2.3B, as of its Series D in April 2017. At a $6B valuation, that implies a 2.7x revenue multiple.
Revenue moved from $2.4B in April 2016 to $2.3B in April 2017, while the revenue multiple moved from 2.4x to 2.7x.
Lianjia revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2017 | $2.3B | $6B | 2.7x | Series D |
| Jan 2017 | $2.3B | $6B | 2.7x | Series C |
| Apr 2016 | $2.4B | $5.7B | 2.4x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Lianjia Funding History
Lianjia has raised a total of $1.7B across 3 funding rounds.
Lianjia's first fundraising round was a $926M Series B in April 2016. The most recent completed round was a $436M Series D in April 2017.
Lianjia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2017 | Series D | China Vanke (lead) | $436M | $6B | Lianjia, known internationally as Homelink, is a leading China-based online real estate portal and agency that started in 2001 as a real estate brokerage and expanded into a comprehensive property listings platform covering China's vast property market, including second-hand properties. In April 2017, property developer China Vanke invested 3 billion yuan (approximately $436 million USD) in Lianjia through a private placement, acquiring approximately 7.2% equity, which implies a post-money valuation of around 41.67 billion CNY. The investment was split with 2.6 billion yuan into Lianjia Real Estate and 400 million yuan into another entity within the Lianjia system, ahead of Lianjia's potential IPO and later reorganization into Beike (KE Holdings). This strategic investment aligned with Vanke's expansion into services around the second-hand property market and positioned it among key industry players. Subsequent to the deal, Vanke's stake was diluted to about 5.5% following Lianjia's Series D financing. The round was part of broader financing efforts as Lianjia prepared for listing, attracting interest from other real estate-focused investors like Sunac and New Hope Group during Beike's restructuring phase. Vanke's stake in the eventual Beike entity saw significant appreciation post-IPO, with Beike's U.S. shares peaking at $79.4 and market cap exceeding $90 billion, valuing Vanke's holding at approximately $3.7 billion (26 billion CNY), a over 7x return on the 3 billion CNY investment. By recent years, amid China's real estate downturn, Beike's stock hovered around $20 with a $20.2 billion market cap, still delivering positive returns for Vanke. |
| Jan 2017 | Series C | SUNAC (lead); InnoVision Capital | $377M | $6B | Lianjia, known as Beijing Homelink Real Estate Brokerage Co., is a leading Chinese real estate brokerage platform that later evolved into KE Holdings (Beike), providing online and offline services for housing transactions, including existing and new home sales, with access to multiple brokerage brands. In early 2017, around January 10, the company completed a Series C funding round with a post-money valuation of approximately $5.77 billion, followed closely by investments from major property developers. Sunac China Holdings invested $625 million at a $6 billion valuation in early 2017, while China Vanke invested $436 million in April 2017 via private placement. The funding rounds in 2017 were part of Lianjia's aggressive expansion, building on prior rounds like a $927 million Series B led by Huasheng Capital in 2016 with participation from Tencent and Baidu. These investments valued the company at roughly $6 billion amid a hot Chinese real estate market, positioning Lianjia as a dominant player with significant investor interest from both tech giants and property firms. By November 2017, a Series E round occurred with investors including Hillhouse Capital and others. later data shows KE Holdings (post-merger with Beike) growing net revenues to RMB 70.5 billion in 2020. The platform demonstrated strong market traction, later boasting hundreds of thousands of agents and stores, No. 1 market share in China, and massive user engagement metrics in subsequent years. Lianjia's model focused on commissions from transactions, scaling through digitalization and partnerships with developers. |
| Apr 2016 | Series B | Huasheng Capital (lead); Matrix Partners China; Tencent; Hillhouse Investment; Baidu; Source Code Capital | $926M | $5.7B | In April 2016 Lianjia, the Beijing real estate brokerage also known as Homelink, completed a Series B financing in which it raised about 6 billion yuan from Baidu, Tencent, Huasheng Capital, Source Code Capital and other investors, according to local media cited by Reuters. Huasheng Capital was among the lead backers, and Hillhouse Capital, Matrix Partners China and other funds were reported to have taken part. The round was described as preparation for a planned initial public offering in China, Hong Kong or the United States. Chinese press reported that the round valued the company at about 36.9 billion yuan after the money, up from 33 billion yuan before it. Lianjia reported 2015 revenue of 15.52 billion yuan on 709 billion yuan of transaction value, almost four times its 2014 revenue. The group began as a single Beijing office in 2001 and grew into the largest residential brokerage in China, with stores across more than twenty cities, later forming the base of the Beike platform. |
Who has invested in Lianjia?
9 investors have backed Lianjia across its funding rounds, including Tencent, Matrix Partners China, Hillhouse Investment, Source Code Capital, Baidu and Huasheng Capital.
Lead investors include China Vanke, SUNAC and Huasheng Capital.
Lianjia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Beijing | 1 | Participant | Apr 2016 | |
| Shenzhen | 1 | Lead | Apr 2017 | |
| Shanghai | 1 | Lead | Apr 2016 | |
| Beijing | 1 | Participant | Jan 2017 | |
| Tianjin | 1 | Lead | Jan 2017 | |
| Shenzhen | 1 | Participant | Apr 2016 | |
| Beijing | 1 | Participant | Apr 2016 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Lianjia
Lianjia has acquired 2 companies to date.
Last acquisition by Lianjia was on March 1st 2015. Lianjia acquired Deyou for undisclosed valuation.
Latest Acquisitions by Lianjia
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Deyou | Zhonglian Real Estate | |
| Description | Deyou, later rebranded Dooioo, is a Shanghai real estate brokerage that sells and rents residential property through a network of neighbourhood stores. Its founder Shao Fei ran the business for years in the Shanghai agency market, and the firm was one of the larger local brokers before it combined with Beijing Lianjia in March 2015. After the merger Deyou continued to run Shanghai operations under the Deyou Lianjia name during a transition period, and its management led the new Lianjia Shanghai company. The business earns commissions on second-hand home sales and rentals and operates mainly in Shanghai, where the combined group planned to add more than 200 stores in 2015 and reach 500 stores and a 20 percent market share. | Zhonglian Real Estate is a Shenzhen real estate brokerage that sells and rents residential property through company stores. The agency focused on second-hand homes in the city. It had 167 stores in Shenzhen and held about 18 percent of the city's second-hand housing market, second only to Zhongyuan, when Lianjia acquired it in March 2015. It earns commissions on home sales and rentals in Shenzhen and the surrounding region. After the acquisition Lianjia ran the business as part of its Shenzhen operation and used it to compete directly with Zhongyuan in southern China. The company earns its income from agency commissions paid by buyers, sellers and tenants, and its staff are brokers working from the store network. Lianjia paid for it with shares rather than cash. |
| HQ Country | | |
| HQ City | Shanghai | Shenzhen |
| Deal Date | 1 Mar 2015 | 1 Mar 2015 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Lianjia acquisitions and their M&A valuation multiples. Start Free Trial | ||
Lianjia Competitors
Lianjia competitors include listed companies like Frontdoor, Compass, Zillow and WillScot, and private ones like Loft and Side.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 United States | Publicly listed | $2.1B | $484M | $6.2B | 3.0x | |
| United States | Publicly listed | $7B | $55M | $7.2B | - | |
| United States | Publicly listed | $2.6B | $315M | $7.3B | 2.4x | |
| United States | Publicly listed | $2.3B | $606M | $3.5B | 3.1x | |
 São Paulo | Private | $150M | - | $2.9B | - | |
| San Francisco, CA | Private | $30M | - | $2.5B | 83.3x |
Lianjia Public Comps
Lianjia is still privately-owned, but its public comps include Melisron, Frontdoor, Balder, Big Shopping Centers, FirstService, Vornado Realty Trust, Deutsche Wohnen, Colliers International, Compass and Zillow.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $723M | - | 14.7x | - | - | - | |||
| $2.1B | $484M | 3.1x | 3.0x | 13.6x | 11.3x | |||
| $1.4B | $1.4B | 15.8x | 15.0x | 16.0x | 21.4x | |||
| $915M | - | 14.9x | - | - | - | |||
| $5.5B | $525M | 1.5x | 1.5x | 15.9x | 14.3x | |||
| $1.8B | $1.7B | 8.8x | 8.6x | 9.4x | 19.8x | |||
| $1.3B | $887M | 11.2x | 12.0x | 16.9x | 19.6x | |||
| $5.6B | $643M | 1.7x | 1.5x | 14.6x | 11.4x | |||
This data is available for Pro users. Sign up to see all Lianjia competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Lianjia
| When was Lianjia founded? | Lianjia was founded in 2001. |
| Where is Lianjia headquartered? | Lianjia is headquartered in Beijing, China. |
| Is Lianjia publicly listed? | No, Lianjia is a private, VC-backed company. |
| What is Lianjia's valuation? | Lianjia was last valued at $6B in its Series D in April 2017. |
| How much funding has Lianjia raised? | Lianjia has raised $1.7B across 3 funding rounds. |
| What was Lianjia's last funding round? | Lianjia's last funding round was a $436M Series D in April 2017, led by China Vanke. |
| Who are Lianjia's investors? | Lianjia's investors include Matrix Partners China, China Vanke, Huasheng Capital, InnoVision Capital, SUNAC, Tencent, Hillhouse Investment, Baidu and Source Code Capital. |
| What is Lianjia's revenue? | Lianjia's latest recorded revenue is $2.3B (April 2017). |
| What is Lianjia's revenue multiple? | Lianjia's latest valuation implies a 2.7x revenue multiple ($6B valuation on $2.3B of revenue). |
| Which companies are comparable to Lianjia? | Companies comparable to Lianjia include Frontdoor, Compass, Zillow, WillScot, Loft and Side. |
| How many companies has Lianjia acquired? | Lianjia has acquired 2 companies, including Deyou and Zhonglian Real Estate. |
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