SHENZHEN, China, March 06, 2020 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”), a leading property technology company in China, today announced a donation of approximately RMB1 million worth of medical supplies and equipment to hospitals in China’s Hubei Province to help combat the COVID-19 outbreak. The donation includes medical safety glasses, sterile gloves, hazmat suits, and facemasks, all of which were procured through international channels. In addition, the Company implemented a series of measures to ensure a safe and efficient operating environment for real estate agents and customers on its platform.
As a technology-enabled platform, the Company has always been committed to the development of an online real estate transaction process for agencies and agents. For this purpose, the Company launched online solutions to cover five key elements in the transaction process, including property listings, customer interactions, real estate agent services, transaction management services, and payment of transaction service fees.
In response to the COVID-19 outbreak, FangDD has accelerated the execution of its digitization strategy and leveraged its technological capabilities to launch its Online Sales Office service to support China’s real estate industry as well as to improve the efficiency and user experience of online real estate transactions. Currently, the service enables agents to provide transaction services and book property transactions online through property presentations in virtual reality, video, and dynamic pictures. The Company’s decision to further develop its Online Sales Office service in response to the outbreak has received a warm market reception, enabling agents to connect with and provide transaction services to customers, despite current travel restrictions and quarantine measures.
The Company has also made its SaaS products, primary property listing management system, and WeChat sales applications available to all real estate agents in China free of charge. As such, real estate agents across China are now able to effectively manage their customers, properties, and transaction processes by setting up online businesses through the Company’s SaaS offerings. For real estate agencies, the Company’s Online Sales Office service enables them to manage their customer traffic, provide consultation and property showings to customers, and manage the online deposit payment process. Furthermore, the Company has utilized its extensive industry expertise and operational experience to develop over one hundred online courses to help all real estate agents and agency managers better adapt to evolving market conditions. Notably, the Company has organized over 3,000 online streaming classes since the launch of these courses in January.
“As the leading property technology company in China, we are committed to empowering real estate transaction services and upholding our social responsibilities,” commented Mr. Yi Duan, Chairman and Chief Executive Officer of FangDD. “In addition to donating medical supplies to hospitals in Hubei Province, we immediately began to ramp up the digitization of our product offerings following the outbreak. We made our SaaS products free and available to the real estate industry in order to better facilitate property transactions and launched our proprietary real estate online sales solutions for real estate developers. Moreover, we opened up access to our extensive catalog of online real estate courses to the public as a means of improving the online service conditions for real estate agents and agency managers. FangDD was founded with the mission of making it easy for real estate agents to do business and empowering them to achieve their dreams. In such a time of crisis, it is of particular importance for us to maintain our founding ethos and provide timely, effective support to all real estate agents across the country.”
About FangDD
Fangdd 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 Statement
This 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 Contact
FangDD
Ms. Linda Li
Director, Capital Markets Department
Phone: +86-0755-2699-8968
E-mail:ir@fangdd.com
ICR, Inc.
Jack Wang
Phone: +1(646) 308-1649
E-mail: FangDD@icrinc.com
