Chinese Portal Leju Sees Revenues Slip 25%, Net Losses of $150 Million

April 18, 2022
Share this Post: 

The Chinese real estate portal operator Leju has announced its financial results for the year ended 31st of December 2021.

The company saw total revenue drop by 25% to $534 million and incurred net losses for the period of $150 million as the Chinese market struggled amid concerns around the default of the country's biggest real estate developer Evergrande.

Leju is majority-owned by the well-known e-commerce giant Alibaba having been bought out by its subsidiary E-House in 2020. The well known Chinese tech company Tencent also owns substantial shares in the company having invested some $18.9 million in Leju at the same time as Alibaba's E-House.

Leju considers itself an online to offline real estate company and offers real estate e-commerce, online advertising and online listing services and, like its competitor Beike, has links to the home furnishings industry through its ownership of the furnishings websites of the SINA Corporation.

While no statement from management accompanied Leju's 2021 financials, the company's faltering performance over 2021 was largely in line with its Chinese peers over the same period (including KE Holdings, Fang.com and FangDD). The commentary accompanying the table of financial information for the year simply ascribed the year's results to "a decrease in revenues from e-commerce services and online advertising services".

 

Chinese portal companies have struggled in the wake of the Evergrande situation which arose in the Autumn of 2021. According to Chinese real estate portal expert Brett Hartley-Wilson though, the incident may not have affected portals as much as some think.

April 18, 2022
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Quinto Andar Firings
Big Redundancy Round at Brazilian PropTech Unicorn Quinto Andar

The Brazilian real estate marketplace company Quinto Andar has made some of its staff redundant. In an article published last...

Read More
Capitalizarme Santiago Skyline
Chilean Real Estate Investment Specialist Capitalizarme Acquires GoPlaceIt Portal

The Chilean real estate investment platform operator Capitalizarme has acquired the real estate portal GoPlaceIt for an undisclosed sum. GoPlaceIt...

Read More
Alex Alexander Adevinta Cpto Editado
Adevinta Hires Alex Alexander as Chief Product & Technology Officer

The global online classifieds operator Adevinta has announced that it has hired the experienced Alex Alexander as Chief Product &...

Read More
Rightmove Tv Ad
Rightmove Launches 'one day could be today' TV Marketing Campaign

British portal Rightmove has launched a new advertising campaign to air on UK television later this month. The purpose of...

Read More