Lianjia Valuation, Funding & Investors

Lianjia is valued at $6B as of April 2017.

Last Lianjia valuation

$6B

Series D · Apr 2017

Last Lianjia funding round

$436M

Series D · Apr 2017

Cumulative funding Lianjia raised

$1.4B

across 3 funding rounds

Key investors in Lianjia

  • Tencent
  • Matrix Partners China
  • Hillhouse Investment
  • Source Code Capital
  • Baidu
  • Huasheng Capital

Lianjia Overview

About Lianjia

Lianjia is a Beijing-headquartered real estate platform launched in 2001. It facilitates secondary residential transactions, new home sales, leasing, and decoration services across more than 300 cities in China. Integrated with KE Holdings since 2018, the platform lists millions of properties and connects buyers, renters, and agents through its app and websites like bj.lianjia.com.


Founded

2001

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Commission, Advertising

Valuation

$6B (Apr 2017)

Lianjia Valuation

Lianjia is currently valued at $6B, based on its Series D in April 2017.

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

Lianjia valuation by funding round
DateStageValuation
Apr 2017Series D$6B
Jan 2017Series C$6B
Apr 2016Series B$5.7B

Lianjia Funding History

Lianjia has raised a total of $1.4B across 3 funding rounds.

Lianjia's first fundraising round was a $595M Series B in April 2016. The most recent completed round was a $436M Series D in April 2017.

Lianjia funding rounds

Lianjia funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2017Series DChina Vanke (lead)$436M$6BLianjia, 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 2017Series CSUNAC (lead); InnoVision Capital$377M$6BLianjia, 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 2016Series BHuasheng Capital (lead); Matrix Partners China; Tencent; Hillhouse Investment; Baidu; Source Code Capital$595M$5.7B-

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

Investors in Lianjia by funding rounds participated
InvestorHQRoundsRoleFirst check
Matrix Partners ChinaChinaBeijing1ParticipantApr 2016
China VankeChinaShenzhen1LeadApr 2017
Huasheng CapitalChinaShanghai1LeadApr 2016
InnoVision CapitalChinaBeijing1ParticipantJan 2017
SUNACChinaTianjin1LeadJan 2017
TencentChinaShenzhen1ParticipantApr 2016
Hillhouse InvestmentSingaporeSingapore1ParticipantApr 2016

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Lianjia Competitors

Lianjia competitors include listed companies like Frontdoor, Zillow, Compass and WillScot, and private ones like Loft and Side.

Public and private companies comparable to Lianjia
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FrontdoorUnited StatesUnited StatesPublicly listed$2.1B$484M$5.5B2.8x
ZillowUnited StatesUnited StatesPublicly listed$2.6B$315M$6.8B2.3x
CompassUnited StatesUnited StatesPublicly listed$7B$55M$8B-
WillScotUnited StatesUnited StatesPublicly listed$2.3B$606M$3.3B3.1x
LoftBrazilSão PauloPrivate--$2.9B-
SideUnited StatesSan Francisco, CAPrivate$30M-$2.5B83.3x

Lianjia Public Comps

Lianjia is still privately-owned, but its public comps include Balder, Big Shopping Centers, FirstService, Melisron, Frontdoor, Zillow, FIBRA Prologis, RBR Desenvolvimento, Deutsche Wohnen and Colliers International.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Balder$1.4B$1.4B15.8x15.0x16.1x21.4x
Big Shopping Centers$945M-15.0x---
FirstService$5.5B$525M1.4x1.4x14.7x13.3x
Melisron$747M-15.0x---
Frontdoor$2.1B$484M2.9x2.8x12.5x10.4x
Zillow$2.6B$315M2.6x2.3x21.2x9.4x
FIBRA Prologis$648M$114M14.8x13.2x84.7x17.8x
RBR Desenvolvimento$307K-15340.5x---

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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 $1.4B 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.
Which companies are comparable to Lianjia?Companies comparable to Lianjia include Frontdoor, Zillow, Compass, WillScot, Loft and Side.

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