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KEY STAT | Softbank-backed proptech firm Beike releases first results since New York IPO

Written by Julianna Wu Published on 

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Beike’s gross transaction value has exceeded RMB 1 trillion (USD 150 billion).

In its first quarterly earnings since going public in July, real estate trading and service group KE Holdings (NYSE: BEKE), commonly known as Beike (which means “shell”), reported net revenue of USD 3 billion, up 70.9% from USD 1.8 billion in the same period last year.

Net income in the quarter fell 80% year-on-year to USD 11 million due to increases in commissions to agents as well as internal compensations.

Mobile monthly active users (MAU) of its online channels combined hit 47.9 million, an increase of 82.1% year-on-year.

Backed by international VC firms like Softbank, Tencent (HKG: 0700), and Sequoia, the group runs two online real estate brokerages, Beike and Lianjian, which are among the top 3 property trading apps of the country by MAU in November, said research firm Aurora.

The gross transaction value was USD 154.6 billion, an increase of 87.2% year-on-year.

Real estate analyst Yan Yuejin reacted positively to Beike’s Q3 results: “The total trading volume has exceeded RMB 1 trillion (USD 150 billion), which proves the value of the platform,” he told KrASIA. Yan said Beike needs to closely watch and actively improve itself in light of China’s new antitrust regulation, a draft of which came out earlier this month, with measures that limit monopolistic behaviors.

Read this: Proptech supports China’s commercial real estate recovery

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

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