- 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.