Fangdd Expands into Parking Space Transaction Services
December 31 2019 - 8:30AM
Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the
“Company”), a leading property technology company in China, today
announced that it has expanded its business to include parking
space sales on its platform. The Company has entered into
agreements with Shenzhen Jinyiyun Supply Chain Technology Co., Ltd.
(“Shenzhen Jinyiyun”) and relevant real estate agents on its
platforms, pursuant to which the Company leverages the real estate
agents on its platform to provide parking space transaction
services for Shenzhen Jinyiyun.
As a technology platform, Shenzhen Jinyiyun
applies blockchain technologies in real estate supply chain
management and inventory assets digitization. The development
of blockchain-based parking space sales is one of Shenzhen
Jinyiyun’s business focuses. As certain of our directors and
officers are principal shareholders of Shenzhen Jinyiyun, the
transactions between FangDD and Shenzhen Jinyiyun are related party
transactions. The audit committee of FangDD’s board of
directors has reviewed and approved the aforementioned transactions
with Shenzhen Jinyiyun. The Company has already facilitated a
number of parking space sales between agents on its platform and
Shenzhen Jinyiyun. The Company intends to include more
business partners for its parking space transaction services
business in the future.
“The domestic market of parking space
transaction services is a unique market with tremendous growth
potential. The mismatch between parking space supply and
demand in China has created an ideal type of business for the
agents on our platform to address,” Mr. Duan commented. “Our
cooperation with Shenzhen Jinyiyun will create the first generation
of standardized parking space transaction products. We
believe that the addition of these products will further enable us
to fulfill our mission of making it easy for real estate agents to
do business and empowering them to achieve their dreams.”
About FangDDFangdd Network
Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”) is a leading
property technology company in China. Through innovative use of
mobile internet, cloud and big data, FangDD has fundamentally
revolutionized the way real estate agents conduct business through
a suite of modular products and services powered by technology.
FangDD operates China’s largest online real estate marketplace as
measured by the number of registered agents on its marketplace as
of December 31, 2018. Of the approximately 2.0 million real estate
agents in China, more than 911,000 were on its platform as of
December 31, 2018. For more information, please visit
http://ir.fangdd.com.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “aim,”
“anticipate,” “believe,” “estimate,” “expect,” “hope,” “going
forward,” “intend,” “ought to,” “plan,” “project,” “potential,”
“seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,”
“should,” “is likely to” and the negative form of these words and
other similar expressions. Among other things, statements that are
not historical facts, including statements about FANGDD’s beliefs
and expectations, the business outlook and quotations from
management in this announcement, as well as FANGDD’s strategic and
operational plans, are or contain forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following. The general
economic and business conditions in China may deteriorate. The
growth of Internet and mobile user population in China might not be
as strong as expected. FANGDD’s plan to attract new and retain
existing real estate agents, expand property listings, develop new
products and increase service offerings might not be carried out as
expected. FANGDD might not be able to implement all of its
strategic plans as expected. Competition in China may intensify
further. All information provided in this press release is as of
the date of this press release and are based on assumptions that we
believe to be reasonable as of this date, and FANGDD does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
Investor Relations
ContactFangDDMs. Jing MengGeneral Manager, Capital Markets
DepartmentTel: +86 (0755) 2699-8968Email: ir@fangdd.com
ICR, Inc.Jack WangTel: +1 (646) 308-1649Email:
FangDD@icrinc.com
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