Phoenix Tree, parent of popular co-living platform in China known as Danke, recently released reports of its major growth milestone.
Based out of Beijing, the firm said that Q4 numbers hit $305.9 million – a year-over-year increase of 113%. Net loss was under $133 million, making shares $2.11 and seeing an increase of 65% compared to 2019. Overall, 2019 finished strong with over one billion in revenues, interest expenses over 116%, and a $190 Series D round that wrapped up in October before its January IPO.
Danke is crediting their string of recent acquisitions for the bolstered revenue, with expansions in Suzhou, Wuxi, Xi'an, and Chongqing contributing 200,000 apartments and now making up almost half of its properties over thirteen cities.
However, the coronavirus has been taken into consideration; authorities suspect that it will freeze China's real estate market, and Danke has plans to cut apartment numbers in the coming quarter.