Zillow higher after deal with China's E-House; Trulia also up

|About: Zillow Group, Inc. (Z)|By:, SA News Editor

Looking to target Chinese investors pouring billions into U.S. real estate, Zillow (Z +1%) is partnering with E-House's (EJ -0.9%) Leju unit to create a co-branded website for Leju visitors searching for U.S. properties.

The site launches in early summer, and will provide access to Zillow's listings, search platform, and home data. The companies note Chinese buyers spent an estimated $11B on U.S. homes in the 12 months ending March 2013, with an average purchase price of $425K.

Zillow is trading higher, as is rival Trulia (TRLA +2.4%). The announcement comes four weeks after Leju filed for an IPO, and two weeks after Tencent agreed to buy a 15% stake.