Fangdd Network Group Ltd. (DUO) Q3 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by and welcome to FANGDD Network Group Limited's third quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, we will have a question and answer session. Please note that this event is being recorded. I'd now like to turn the conference over to your host speaker today, Ms. Linda Lee, the Company's Director of Capital Markets. Please go ahead, Linda. Thank you, operator. Hello, everyone, and thank you all for joining us on today's call. The company has announced its third quarter 2021 financial result today, as earnings release is now available on our company's IR website. Today, you will hear from our co-CEO, Mr. Xi Zheng, who will start the call with an overview of the current industry dynamics and the details of our development strategies in the quarter. Afterwards, our CFO, Mr. Jiao Rongpan, will go over our financials before we open up the call for questions. Our management team will deliver their remarks in Chinese and I will provide English translations. Before we continue, I would like to refer you to our safe harbor statement in our earnings price release. which applies to this call, and we will be making looking forward statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under the generally accepted accounting principles in our earnings release and the filings with the SEC. With that, I will now turn the call over to our co-CEO, Mr. Xi Zheng. Please go ahead, sir. China's first-tier cities The sales of second-hand houses fell by 32%. Shenzhen fell by 81%. The market's pessimism has risen. Developers' credit risk has been exposed. ...