Ringier sells Philippine real estate portal
Ringier and the Philippine media company Summit Media are divesting themselves of the online real estate platform Myproperty.ph in the Philippines. The portal is being sold to the international real estate portal Lamudi.
Myproperty.ph was launched in 2010 by Ringier together with the Philippine media company Summit Media. Together with Summit, the portal was very quickly built up into one of the largest classifieds platforms in the country. Currently, around 174,000 properties are traded on the portal. The sale to Lamudi, which operates RE portals in more than 30 countries, is for strategic reasons. Ringier has no other business activities in the Philippines. Lamudi intends to retain both the brand Myproperty.ph as well as its own real estate platform, Lamudi.com.ph, as independent portals after the acquisition.
