Fangdd Network is a Chinese PropTech company that runs an online marketplace for real estate transactions. The platform connects property developers, real estate agents, buyers, and non-residential asset holders across more than 55 cities in China. The core business is digitizing Chinese real estate transactions — moving property listings, agent matching, commission settlement, and customer management online. In 2025, the platform facilitated RMB14.7B (US$2.1B) in GMV from closed-loop transactions, with over 67,400 active agents and 310 new property projects listed. Fangdd generates revenue primarily through transaction commissions charged to developers and sellers, typically ranging from 2% to 5% of the transaction value, with a portion paid out to the agents who completed the sale. The spread between what Fangdd charges sellers and what it pays agents is the core economic engine. Fangdd also charges SaaS subscription fees to agents and agencies for tools like Duoduo Sales and Duoduo Cloud Sales, which help agents manage client relationships and access listings. A smaller and newer revenue stream comes from asset management services, where Fangdd charges consulting, management, and performance fees to help non-residential property owners — such as municipal investment companies and developers with commercial offices or industrial parks — improve occupancy and operational efficiency. Fangdd's business is closely tied to the health of China's real estate market, which has been under significant stress since 2021.