|Friday, 15 June 2018, 15:45 HKT/SGT|
|A Hong Kong entrepreneur sets an example in mainland China with his trillion property rental platform|
HONG KONG, June 15, 2018 - (Media OutReach) - Confronted with soaring property prices, many of the younger generation cannot afford to buy a flat. "Houses are built to be inhabited, not for speculation" became the focus of real estate policy in the mainland benefited the development of Leasehold market. Up to 70% of real estate market transaction are co-tenancy and sublet. Baletu, founded by Hong Kong resident Norman Lui Nam in 2014, became the largest online property rental platform that owns the highest transaction and quantities of verified properties in Shanghai within only 18 months, receiving realizable profit and having a 1.5 million sublet property list in Shanghai at present. Within a short span of three years, Baletu has established itself in more than ten cities, having practical cooperation with institutional landlords in Beijing, Shanghai, Shenzhen, and Hangzhou, and intended to expand the business to four more cities including Guangzhou, Nanjing, Wuhan and Chengdu by the end of this year. Early this year, Baletu has completed Series B funding with a total investment of 500 million yuan from DCM, Tiantu Capital, Nan Fung Group in Hong Kong, and Zhong Wei Capital.
A tenant builds a rental website to relieve young people of their worries over lodging
Norman Lui Nam, Founder and CEO of Baletu, moved to Hong Kong with his parents and grew up in the city. He attended Cornell University studying Electronic Engineering after graduating from Queen's College. As a tenant in North Point since childhood, he became to understand The needs of tenants himself. After graduating from university in 1993, he showed a constant interest in internet-related businesses, and established Baletu with a co-founder of 51Job.com. Nearly a hundred people turned from tenants of Baletu into employees. Nowadays Rent, rent account for nearly 30% of the incomes of Hong Kong residents, and for those people living in first-tier and second-tier cities in the mainland China, they have to spend at least 40% of their incomes on rent. Norman has Stated out the tenants of Baletu are 90s young generation at 25 years old in average. In view of this, Baletu mainly serves young people working hard in large cities and aspires to be a steward for them in property renting, removing their worries over lodging so they can spend more time on their careers, broadening their views and planning for the future.
Innovative technology offers convenience to users, and ensures quality rental experience with landlord rating system
Intending to be a broker-free rental platform, Baletu adopts a quality-first business strategy and sticks to the principle of "true landlords", "zero commission" and "comprehensive after rental protection". Omitting brokers, Baletu directly cooperates with institutional or Full-time landlords and arranges part-timers to visit the sites to verify all property information uploaded to the platform. This is to determine the truth and accuracy of photos, tags (distance from metro station, availability of separate bathroom, area and orientation etc.) and rents. As a result, landlords are directed to improve their quality in serving tenants. Tenants can evaluate and review landlord services on the APP, and platform would eliminate landlords from the list based on negative feedbacks when more assistance and resources would be Provided to landlords with positive comments. In response to the change in market demand, Baletu devotes much to technology. For example, it features big data-based intelligent recommendation for more precise matches, and electronic processes such as electronic contract and online payment to make payment of rent easier and more convenient. There is also a unique platform connecting intelligent electric meters at homes, as well as intelligent locks. Introduction of new services, including flat sharing, no commission, payment of rent by month, and finding roommates for subleases simplifies the whole rental process. Furthermore, real-name authentication improves the transparency of flatmates' identities and the safety of flat-sharing. Baletu will strive to be the most efficient property rental platform in the market.
Baletu is expected to be a unicorn among the online rental websites in the vast market of mainland China
In a RMB 2 trillion value continent rental market which is still rapidly expanding, Baletu has 3 million real rooms, rent history, payment data of several million tenants, and real landlord reviews in hand. Noman revealed, "A several billion of transactions have dealt From Baletu platform per year. Our target aimed to increase the transaction by six to seven times in 2018, and become a rental platform that reach over four billion Market value within three years." The extensive experience of the core management team in offline and online Expansion and operation has rendered Baletu into a big data-driven transaction platform providing high-quality services. The global top-class investors in the Series B funding Completed in 2017 include DCM, Tiantu Capital and Nan Fung Group in Hong Kong. Zhong Wei Capital, an investor in Series A funding, is also a co-investor in the Series B by which about 500 million yuan is raised. Considering the generous support from many investors and the superior rates in mainland China, Baletu is expected to be a unicorn within few years.
Established in 2014 and headquartered in Shanghai, Baletu is an Internet-based property rental platform committed to putting an end to the inefficient and frantic situation in China's property rental market. Baletu has tapped into the markets of first-tier Chinese cities such as Beijing, Shanghai and Shenzhen, and over 10 second-tier cities, with nearly 3 million rooms in hand. Baletu takes the lead in introducing commission-free service for tenants who will control the renting process, preventing disputes over credit by encouraging flatmates to directly sign agreements with landlords. What's more, Baletu offers guarantee for the whole transaction process, and leaving its itself to be the largest property rental platform and the first choice for both tenants and landlords.
Baletu has received many awards:
- 2017 Yiou Top Ten Innovative Businesses in the Real Estate Industry in China
- 2017 EY Enterprise with Most Potential in China
- 2017 Award for Mobile Internet Innovation Star by the Xinhua News Agency
- 2018 China New Business Force Award by iResearch
For more information about Baletu, please visit: http://www.baletu.com/
Profile of Norman Lui Nam, Founder and CEO of Baletu
Norman Lui Nam, Founder and CEO of Baletu, was born in Jilin Province, China, then migrated to Hong Kong in his childhood grew up in the city. He graduated from the Electronic Engineering of Cornell University and was once a representative of Bain & Company (USA) in Beijing.
He founded 51job.com in 1998, which has listed on NASDAQ, and created Lumi, a health products company, with his schoolmate in Hong Kong. In 2014, he and his former partner in 51job.com co-founded the rental platform Baletu.com.
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June 15, 2018 15:45 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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