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Lianjia (AKA, Homelink), one of Chi­na’s largest real-es­tate bro­ker­ages, is plan­ning to raise about $2 bil­lion U.S. from in­vestors in­clud­ing tech giant Ten­cent Hold­ings Ltd. and pri­vate-eq­uity firm War­burg Pin­cus LLC, ac­cord­ing to the Wall Street Journal.

Ten­cent is in­vest­ing $1 bil­lion U.S., while pri­vate-eq­uity firm War­burg Pin­cus is putting in $500 mil­lion U.S.. The com­pany plans to use the funds to ex­pand re­cently-launched open platform real es­tate listings providerKe.com.

Tencent’s participation will raise eyebrows at 58.com (NYSE: WUBA), which views Ke.com as a direct competitor to its own market-leading listings platform, Anjuke. Tencent holds a 20 percent stake in 58.com. Although 58.com has been dismissive of Ke.com at times recently, $2 billion U.S. in fresh investment sets up the newcomer as a challenger that can no longer be ignored.

The pri­vate fundrais­ing round is likely to value Bei­jing-based Lian­jia at about $13 bil­lion U.S. (Wall Street Journal). The company was previously valued at closer to $6 billion U.S. (or 51.4 times its net profit for 2015) following investments of 2.6 billion and 3 billion RMB from property development giants Sunac China and China Vanke, respectively, in January and April 2017.

Lian­jia was founded in 2001 and has scores of brick-and-mor­tar branches in Bei­jing, Shang­ha, and other Chi­nese cities. It has three independent business entities, brokerage brand Lianjia, listings brands Ke.com and affiliate agency management brand, Deyou (德佑地产). 

Chi­na’s real-es­tate mar­ket has surged in re­cent years, es­pe­cially in the coun­try’s largest cities. Prop­erty in­vest­ment, hous­ing sales and new con­struc­tion picked up this sum­mer, and ris­ing in­comes among the coun­try’s mid­dle class have helped bol­ster home prices.

Res­i­den­tial prop­erty sales in China to­taled 6.6 tril­lion RMB ($964.26 bil­lion U.S.) in the first seven months of the year — up 16 percent from the same pe­riod in 2017, ac­cord­ing to Chi­na’s Na­tional Bu­reau of Sta­tistics.