BEIJING, Oct. 28, 2021 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real
estate Internet portal in China,
today announced the appointment of MaloneBailey, LLP ("MaloneBailey") as the Company's
independent registered public accounting firm to replace KPMG
Huazhen LLP ("KPMG"), effective October 25,
2021.
The audit reports of KPMG on the
consolidated financial statements
of the Company as of and for the
years ended December 31, 2019 and
2018 did not contain any adverse opinion or disclaimer of opinion, nor were they
qualified or modified as to uncertainty, audit scope, or accounting
principles, except as follows: KPMG's
report on the consolidated financial statements of the Company as
of and for the years ended December 31,
2019 and 2018 contained a separate paragraph stating that
"As discussed in Note 2 to the consolidated financial statements,
as of January 1, 2018, the Company
has changed its method of accounting for revenue recognition due to
the adoption of Accounting Standards Codification ("ASC") Topic
606, Revenue from Contracts with Customers and has changed its
method of accounting for investments in equity securities due to
the adoption of Accounting Standards Update No. 2016-01, Financial
Instruments - Overall (Subtopic 825-10), Recognition and
Measurement of Financial Assets and Financial Liabilities. In
addition, as of January 1, 2019, the
Company has changed its method of accounting for leases due to the
adoption of ASC Topic 842, Leases."
The change of the Company's
independent auditor was made after careful consideration and
evaluation process and was approved by the board of directors of
the Company (the "Board") and the audit committee of the Board. The
Company is working closely with MaloneBailey and KPMG to ensure a
seamless transition.
The Board would like to take this opportunity to express its
sincere gratitude to the KPMG team for their professionalism and
quality of services rendered to the Company over the past
years.
About Fang
Fang operates a leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites,
Fang provides primarily marketing, listing, leads generation and
financial services for China's
fast-growing real estate and home furnishing and improvement
sectors. Its user-friendly websites support active online
communities and networks of users seeking information on, and
value-added services for, the real estate and home furnishing and
improvement sectors in China. Fang
currently maintains approximately 71 offices to focus on local
market needs and its website and database contains real estate
related content covering 665 cities in China. For more information about Fang, please
visit http://ir.fang.com.
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SOURCE Fang Holdings Limited