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Fangdd Network Group Ltd. helps property developers and other sellers market properties and reach buyers through its network of real estate agents. Developers can post listings, commission rates and sale terms through Property Cloud, which agents access using Duoduo Sales. Buyers and sellers pay commissions when marketplace transactions close, and Fangdd shares these fees with the agents. These transaction commissions provide most of its revenue; it pays agency commissions after collecting the corresponding developer payments.
A smaller business earns software subscription fees and fees for asset management and related services. Its asset-management work includes planning and operating real estate projects, mainly non-residential properties held by municipal investment companies, with the aim of improving property value and returns.
The business depends on active agents, reliable listings, property transactions in China and developers’ ability to pay. Two developer customers supply a substantial share of revenue. Chinese rules also require written owner authorization before an agency publishes property information. Because Fangdd’s foreign-owned subsidiary cannot hold the internet content license needed for its Chinese website and apps, it operates through a licensed Chinese entity controlled by contracts rather than ownership.
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Fangdd depends on Chinese housing policy, agents closing deals and developers’ financial health, with two developers accounting for 43% of its 2025 revenue.
KE Holdings competes with Fangdd to connect agents, developers and homebuyers in China, and both depend on completed property deals for commissions. Watch KE’s new-home transaction revenue, paid by developers as sales commissions, alongside Fangdd’s commissions paid by buyers and sellers.
KE Holdings Inc. earningsBEKE
KE Holdings’ report will show how developer commissions from new-home transactions are changing, giving Fangdd a read on deal demand in the same Chinese housing market.
Watch the change in KE Holdings’ new-home transaction revenue, which comes from sales commissions paid by developers. If it strengthens, new-home deals are still supporting commissions for property platforms, a more favorable backdrop for Fangdd’s commissions from buyers and sellers. If it weakens, deal activity is providing less support for commissions, putting more pressure on Fangdd’s transaction-service revenue.
