(Yicai Global) Sept. 14 -- China's e-commerce giant JD.Com Inc [NASDAQ:JD) has recently established its real estate business unit. Zeng Fuhu, former vice president of internet behemoth Sohu.Com Inc. [NASDAQ:SOHU], will serve as general manager of the department.
JD.Com will combine online and offline real estate businesses by introducing third-party real estate sellers on its e-commerce platform, house.china.com.cn reported through its WeChat public account today.
Zeng Fuhu joined Sohu.Com in 1999 and served as director of the press center and carried out other duties. He resigned from Sohu.Com in 2006 and joined the Hong Kong media company TOM Group [HK:2383]. Zeng Fuhu returned to Sohu.Com in 2009 and worked as general manager of sh.focus.cn, and was promoted to vice president's role in 2014. Zeng Fuhu left Sohu.Com in June 2016.
JD.Com has made its first real estate e-commerce business attempt before. It marketed thousands of apartments at a bargain price, involving 80 projects from 43 property developers including China Vanke Co. [SHE:000002] on its e-commerce platform on June 18, 2015, the anniversary of its online store.
JD.com has also been active in purchasing land. It has acquired 3.9 million square meters of land in 15 cities across China by the end of 2016, and its land acquisition plan has covered more than 20 cities as of August 2017.