Fang Holdings operates fang.com, a real estate internet portal in China covering property listings, market information, and connections between buyers and sellers across 658 cities. The platform is free to consumers; Fang Holdings monetizes traffic by charging real estate developers, agents, brokers, and home furnishing companies for advertising, listings, and lead generation. Fang Holdings serves roughly 20 million unique visitors per month and operates around 43 local offices across China, supported by a direct sales force of about 250 people. The company has four main revenue streams: marketing services (online ads sold to developers and agents), lead generation (charged on a per-lead basis), listing subscriptions (paid tiers for premium placement on the platform), and financial services (secured consumer micro-loans through licensed microfinance subsidiaries in Shanghai, Nanning, and Chongqing). Revenue is sensitive to conditions in China's property market, since Fang Holdings' customers — developers and agents — cut marketing budgets when the property market weakens. The company has faced significant corporate distress in recent years, including NYSE delisting in 2022, a settled winding-up petition, an active new winding-up petition filed in 2024, a derivative lawsuit alleging related-party abuses, and a pending going-private proposal. Fang Holdings' ADSs currently trade on the OTC Expert Market under the ticker "SFUNY."