Business
Fangdd Expands into Parking Space Transaction Services
SHENZHEN, China, Dec. 31, 2019 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or the “Company”), a leading property technology company
About this update from Fangdd Network Group Ltd.
[{"type":"text","content":"SHENZHEN, China, Dec. 31, 2019 (GLOBE NEWSWIRE) -- 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. \n 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 ...