REA Group, responsible for realestate.com.au, has invested US$50 million into shares of India’s real estate sector in a move that will create India’s largest digital real estate company.
The investment will see two of the country’s largest real estate sites, PropTiger.com and Housing.com, become a joint entity. An affiliate of the Japanese-owned Softbank Group Corp also invested US$5 million.
News Corp will remain the largest shareholder of PropTiger, while maintaining 61.6 per cent ownership of REA Group.
India is expected to become the 3rd largest real estate market in the world by 2030.
News Corp chief executive Robert Thomson said this investment was a “testimony to our faith in the potential of the global digital real estate market”.
The purchase will further increase REA Group’s presence in Southeast Asia following the purchase of real estate sites in Malaysia, Indonesia, Hong Kong, Macau and Singapore in 2014.
REA Group also announced former general manager of Microsoft Business Solutions, Asia Pacific, Haresh Khoobchandani would be taking on the role iProperty Group general manager, Malaysia and Singapore in 2017.
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