Fangdd Expands into Parking Space Transaction Services

Fangdd Network Group (NASDAQ:DUO) is expanding its business to include parking space sales on its online real estate marketplace platform.

As quoted in the press release:

The Company has entered into agreements with Shenzhen Jinyiyun Supply Chain Technology Co., Ltd. (“Shenzhen Jinyiyun”) and relevant real estate agents on its platforms, pursuant to which the Company leverages the real estate agents on its platform to provide parking space transaction services for Shenzhen Jinyiyun.

As a technology platform, Shenzhen Jinyiyun applies blockchain technologies in real estate supply chain management and inventory assets digitization.  The development of blockchain-based parking space sales is one of Shenzhen Jinyiyun’s business focuses.  As certain of our directors and officers are principal shareholders of Shenzhen Jinyiyun, the transactions between FangDD and Shenzhen Jinyiyun are related party transactions.

Click here to read the full press release.