Tencent invests $800 million in Beike’s Series D (updated)

Chinese internet firms are after the land you stand on.

Real estate platform Beike has an $800 million investment by Tencent in the startup’s ongoing Series D, in which 22 of Beike’s earlier investors sold their stakes in the companyTencent already held a 2.32% stake in Beike from a RMB 47.6 million (US$7 million) investment made in August 2017, according to public data.

The news follows reports that Beike is set to be added to the WeChat Wallet portal. Less than a dozen partners—including heavyweights Didi, JD, and Pinduoduo—are featured in the section so far.

Chinese internet companies have upped their interest in the real estate sector in recent years. In 2017, Ant Financial participated in two Series C rounds for Mogoroom. Earlier this month, Ant Financial led a US$500 million investment with Tiger Financial in Danke Apartment.

Update: This article was updated after Beike confirmed the deal.

Editor: Nadine Freischlad