Chinese Leading Portal Fang.com Releases Q1 Results

The market-leading Chinese property portal, Fang.com has today released its financial results for Q1 of 2020. Despite the impact of Covid-19 on the domestic Chinese market, the results make for broadly positive reading, with highlights being:

• Total revenues for Q1 up by 9.4% from $35 million to $38 million

• Operating income from continuing operations was $2.7 million compared to a loss of $11 million in Q1 of 2019

• Net loss from continuing operations was $39.1 million, compared to a net income from continuing operations of $5.1 million in the corresponding period of 2019.

Speaking of the results, Fang CEO Jiang Liu commented:

"Our leads generation services remain a strong growth contributor to our core business. For the coming quarters we look forward to continuing our focus on new initiatives such as live broadcastings, online exhibitions and VR livestreams to better service our customers."

The company also announced the departure from the board of directors of Ms. Hong Qin and the appointment of Mr. Charles Changming Yan as Independent Director of the Board.

Fang did not release traffic figures, but it would be reasonably safe to assume that these revenue numbers are based on resurgent traffic statistics similar to those seen in western countries in the past few weeks.