ByteDance’s Real Estate Trading Platform Xingfuli Abolishes New House Salesmen

Xingfuli, a real estate trading platform owned by ByteDance, abruptly notified some Beijing new house sales employees of layoffs on Tuesday and asked them to come to the company early the next morning to discuss compensation matters, Caijing magazine reported on Thursday.

Xingfuli does provide laid-off employees with an opportunity to change positions within the company. On the morning of the same day, the platform officially announced that it would invest in Maitian Real Estate Agency, buying up to 20% of its shares.

Sources replied to Caijing’s reporter that they made small-scale business adjustments in some cities recently, but new houses are still the key business in the future.

Xingfuli was founded in 2018 after being carved out of Toutiao’s real estate business. Not long ago, ByteDance announced that it would spin off its real estate business, which falls under the Xingfuli name. At present, Xingfuli has started a financing plan and will introduce external strategic shareholders as it develops independently.

SEE ALSO: ByteDance to Split Real Estate Trading Business Xingfuli

One laid-off employee was surprised about the notice. However, some employees said that since the beginning of this year, the new house business in Xingfuli has not performed well, and businesses in most areas are in a state of loss. Everyone has been preparing for layoffs.

There are about 100 employees in Beijing’s new house sales department of Xingfuli. Since two months ago, Xingfuli has been abolishing the sales staff of new houses in various places. A new house consultant in Chengdu said that at the end of September, the company suddenly fired him and did not provide choices to transfer to another position.