Fangdd Reports Higher Active Agents and Strong Cooperation With Centaline Group

The day before earnings, the company hosted a press conference in Shanghai to celebrate its strategic cooperation with Shanghai Shanghai Yuancui, a subsidiary of Centaline Group.
KellyNov 20,2020,14:24

Fangdd Network Group Ltd. (Nasdaq: DUO) posted another quarter of growth in the number of active agents, representing an increase of 22% compared to the same period last year.

According to the announcement, the number of active agents in the company’s marketplace exceeded 276,000 and the number of closed-loop agents hit 26,500, representing an increase of 22 and 28%, respectively compared to the same period in 2019.

Fangdd also reported that its closed-loop GMV (transactions carried out from beginning to end on Fangdd’s platform) was $8.2 billion – a jump of 9.4% from the same period a year ago.

For the three months through September, the property technology company reported revenues of $120.6 million and a net income of $3.2 million. In addition, the company reported Non-GAAP earnings of $7.1 million in the third quarter of 2020.

The day before the earnings report was announced, the company hosted a big press conference in Shanghai celebrating an important strategic cooperation agreement with Shanghai Yuancui, a subsidiary of Centaline Group. Headquartered in Hong Kong, Centaline Group is one of the largest property agencies in Asia.

“Our joint venture with Shanghai Yuancui will focus on creating a new technology- and service-oriented real estate agent service model to further empower those highly capable agents in our Preferred Agent Alliance Network via an innovative and technology-enabled franchising system,” said Yi Duan, the chairman and co-CEO of Fangdd.

Duan also noted new initiatives the company did in the third quarter in assisting small- and medium-sized agencies.

Over the past three months, Fangdd built an additional 10 self-owned transaction service centers and interfaced its systems with both the Industrial and Commercial Bank of China and the Bank of Communications to fully digitize the transaction of commission payments.

“Going forward, we remain committed to further cultivating our agent base and developing more best-in-class SaaS and service solutions to fortify our industry leadership,” Duan said in the statement.

Further, the number of new construction property projects on Fangdd’s platform reached 3,479 as of September 30, 2020, representing an increase of 19.2% quarter over quarter.

The company remained committed to expanding its parking space pass business, entering into seven new cities in the period to bring the total number of listed parking spaces on its platform to 23,000 for a total value of more than 1.8 billion yuan.

For the fourth quarter of 2020, the company expects revenue to be between 600 million yuan and 700 million yuan.

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