Chinese property portal SouFun Holdings Limited, which owns Fang.com, has announced an increased revenue of 35 per cent year-on-year to $300.7 million in its financial results for the fourth quarter.
SouFun says the increase in revenue for the quarter was primarily driven by the growth in e-commerce services, which increased by 76 per cent year-on-year to $173.8 million.
Although partially offset by the decline in marketing and listing services, SouFun says it saw significant growth in its direct sales services for new homes.
The company also reports growth in both its real estate brokerage services for secondary homes and rental properties plus rapid growth in its home decorating services.
The value of SouFun’s assets and merchandise increased by 28 per cent from $10.6 billion in the third quarter of 2015 to $13.5 billion in the fourth quarter.
Other measures with strong revenue outcomes for Soufun include a reduction in unit price per paying subscriber and a new financial services offer in August 2014.
Fang.com Chairman and CEO Vincent Mo says the business extracted revenue from financing services by utilising other value-added services such as research related products which took off strongly.
However SouFun also reports an operating loss of $32.6 million and a net loss attributable to the company’s shareholders of $38.8 million.
"2015 was the first year of our transformation,” Vincent Mo says.
“The 35 per cent revenue growth for Q4 is encouraging.
“We are especially proud of our performance in resale market with leading market position in over 10 major cities in China and GMV over $17 billion.
“We will continue and deepen our transformation in 2016 and we are confident that 2016 will be the start of a series of rewarding years."
SouFun estimates its total revenue guidance for 2016 to be around $1,060.2 million, representing a year-on-year increase of 20 per cent. This forecast reflects its current and preliminary view, which is subject to change.