Industry participants’ demand for the digital transformation of real estate assets and in-depth asset management services will stand strong, and give rise to new growth opportunities for the industry.” However, from a long-term perspective, we believe that under the current policies guided by the principle that housing is for living in but not for speculation, the industry will enter a new era of healthy and steady development following the market adjustment. We expect that new and resale property transactions will remain vulnerable to macro challenges for an extended period. Yi Duan, Chairman and Co-Chief Executive Officer of FangDD, commented, “Impacted by the macroeconomic regulation and the tightening of mortgage loans, the real estate market has rapidly cooled off and credit risk for developers has been intensifying. The decline in closed-loop GMV was mainly due to the continued downturn status of real estate market and the corresponding measures that the Company has taken to reduce its business scale. New property and resale property contributed RMB9.3 billion (US$1.4 billion) and RMB5.9 billion (US$0.9 billion), respectively, to the total closed-loop GMV in the third quarter of 2021. Total closed-loop GMV 3 facilitated on the Company’s platform decreased by 48.5% to RMB15.2 billion (US$2.4 billion) in the third quarter of 2021 from RMB29.6 billion in the second quarter of 2021. The number of closed-loop agents 2 was 10.6 thousand in the third quarter, representing a decrease of 44.2% from 19.0 thousand in the second quarter of 2021. Non-GAAP net loss 1 was RMB343.4 million (US$53.3 million) in the third quarter of 2021, compared to a non-GAAP net loss of RMB127.9 million in the second quarter of 2021. This is compared to a net loss of RMB139.0 million in the second quarter of 2021. Net loss was RMB355.0 million (US$55.1 million) in the third quarter of 2021, which included a provision of RMB253.0 million (US$39.3 million) for impairment of certain assets in the third quarter of 2021, such as impairment of accounts receivable due from developers because of their tighter financial conditions, as well as impairment of goodwill, intangible assets and accounts receivable due from individuals as a result of the Company’s substantial reduction of its Yuancui business under the situation of continuous downturn of resale property transactions market. Because of the continuous downturn status of real estate market and the corresponding measures that the Company has taken to reduce its business scale, the revenue in the third quarter of 2021 did not meet our expectation made in the second quarter. Revenue in the third quarter of 2021 decreased by 57.8% to RMB 169.2 million (US$26.3 million) from RMB401.4 million in the second quarter of 2021.
(NASDAQ: DUO) (“FangDD” or “the Company”), a leading property technology company in China, today announced its unaudited financial results for the third quarter ended September 30, 2021. 19, 2021 (GLOBE NEWSWIRE) - Fangdd Network Group Ltd. Meanwhile, a basket of FANG stocksthat includes Facebook, Apple, Netflix and Google parent Alphabet, added just 1.2% Tuesday.SHENZHEN, China, Nov. More than 200,000 shares traded hands, about 50 times its average volume in the first five months of the year. The Fangdd move triggered at least 14 halts for volatility throughout the day.
It’s unclear what sparked the runaway rally, which occurred in a week that’s already seen high volatility chalked up to factors from retail investors bidding up bankrupt stocks to short covering or just a fear of missing out. The momentum continued after the bell, lifting shares an additional 34%. The stock touched as high as $129.04 - an advance of more than 1,200% - before prompting a trading halt that paused the stock for an hour. under the ticker DUO, nearly quintupled on Tuesday, jumping 395% to close at $47.06 per American depository receipt after starting the day at $10. Whatever the reason, a company called Fangdd just jumped fivefold without any news to explain it.įangdd Network Group Ltd., a Shenzen, China-based real estate firm that trades in the U.S. (Bloomberg) - Maybe it was another case of mistaken identity, or just Pavlovian enthusiasm on a day when the FANG stocks were powering up.
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