Fangdd, a Proptech Company, Launches Parking Space Sales
With this addition, tech-driven Fangdd is expanding beyond residential property transactions in China's real estate industry.
Real estate marketplace Fangdd Network Group Ltd. (Nasdaq: DUO) has expanded into selling parking spaces.
The Shenzhen-based company said in a statement on Tuesday that, together with Shenzhen Jinyiyun Supply Chain Technology Co. Ltd., it has already facilitated a number of sales in the new business. Jinyiyun applies blockchain technology on its platform, it said.
"Our cooperation with Shenzhen Jinyiyun will create the first generation of standardized parking space transaction products," Yi Duan, the chief executive officer of Fangdd, said in the statement.
There were 340 million motor vehicles nationwide in China by the end of July 2019, with 12.4 million newly registered cars, according to the regulator of the traffic management bureau of the ministry in Beijing. As the number of cars continues to grow, so does the demand for parking facilities.
Duan also said, "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."
Fangdd, founded in 2011, is a tech-powered marketplace for real estate agents in China. It aims to make its platform a one-stop shop for property-related transactions by providing smart tools for business management.
The company raised $78 million in an offering of 6 million American depositary shares in November and reported 205% increase year-over-year in its net income in early December.
The stock in Fangdd were trading at $15.20 per American depositary share on the morning of New Year's Eve, down 20 cents from yesterday's close.