"When housing prices do not rise too fast, the whole property service industry would have big growth (space) and the demand for agents would also grow."Īccording to Frost & Sullivan, over 38 percent of all primary and secondary residential property transactions in China were facilitated by real estate agents in 2018. "The government's regulation is aimed at ensuring stable and healthy development of the property sector," the CEO said. "As more (property) resources and agents' services are integrated online, more transactions will ensue, which I believe will be a future trend (for the industry)."Īlthough China's real estate industry is featured with intense competition and high property prices, Duan noted that the authorities' tight regulation on the property market has prohibited prices from rising too rapidly, and expressed confidence on market demand. "More and more agents are getting used to opening online shops to make transactions," Duan said. As of June 30, Fangdd had 131 million properties in its database, covering homes listed for sale or for rent as well as those not currently on the market and verified through a comprehensive internal process, said its prospectus. The e-platform also owns one of the largest property databases in China.
31, 2018, and thus became the largest online real estate marketplace domestically, according to business consultancy Frost & Sullivan.
The online housing platform saw its revenue climbed to 233.7 million dollars in the six months ended June 30, an upswing of 55.4 percent from that of the six months ended June 30, 2018.įangdd has registered over 45 percent of the approximately 2 million real estate agents in China as of Dec. "We believe that making China's property agents enjoy the bonus of high-tech and (big) data will be a key approach to boost the efficiency of the real estate service industry," Duan Yi, CEO of Fangdd, told Xinhua on Friday.įounded in 2011, the Shenzhen-based company began to turn profitable in 2017, with its primary revenues generated from sharing base commission fees with property agents who make transactions in its marketplace, according to its latest prospectus. Shares of Fangdd extended gains during morning session and settled at its IPO price of 13 dollars around market close.īy capitalizing on mobile internet, cloud and big data, the real estate e-platform said it operates on a so-called SaaS, or Software-as-a-Service, business model, which offers property agents key business resources, such as customers, property listings, capital and transaction data. dollars apiece, each representing 25 Class A ordinary shares, the e-realtor said in a statement on Friday. The deal size of the IPO contained 6 million American Depositary Shares (ADSs) at a price of 13 U.S. 1 (Xinhua) - Fangdd Network Group, a leading Chinese online property technology company, listed its initial public offering (IPO) on the Nasdaq Global Market on Friday under the ticker symbol DUO. Fangdd Network Group, a leading Chinese online property technology company, listed its initial public offering (IPO) on the Nasdaq Global Market on Friday under the ticker symbol DUO. The company was founded in 2011 and is headquartered in Shenzhen, the People's Republic of China.Staff of Fangdd Network Group pose for a group photo outside the Nasdaq Stock Exchange in New York, the United States, on Nov. In addition, it operates Fangduoduo that offers personalized services to potential real estate buyers and provides information matching, real estate agency, financial, and channel services. The company also operates platforms for real estate agents, including Duoduo Sales, which offers real estate agents with instant access to marketplace functionalities and allows them to conduct transactions on the go Duoduo Cloud Sales, which connects agents to property database and buyer base, allowing them to source, manage, and complete transactions online and provides supply-chain financial products and support transactions, as well as online and offline, and project-specific training and guidance services.
#Fangdd network group software
It operates Property Cloud, a software as a service solution for real estate sellers. Fangdd Network Group Ltd., an investment holding company, provides real estate information services through online platforms in the People's Republic of China.
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