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Latest 5i5j.com News
Jun 21, 2022
(Yicai Global) June 21 -- China's 5i5j Holding Group, the country's first real estate agency to be listed on the mainland, intends to close its franchise business in some second-tier cities, including Hefei and Yantai, to focus on direct sales in key cities to cope with the sluggish property trend. Besides the two eastern cities, the company plans to close its franchises in Hunan province's Changsha because of the pandemic and the real estate situation, the Beijing-based firm said in a statement on WeChat yesterday. Currently, 5i5j has around 170 stores in Hefei, more than 150 in Changsha, and nearly 30 in Yantai, The Paper reported. Formed in 2000, 5i5j specializes in brokerage services for second-hand homes as well as house leasing. It became the nation’s first real estate agency to go public on the mainland via a backdoor listing in 2017. The firm runs more than 4,610 stores in 33 cities as of Dec. 31, 2021, per its annual earnings report. The brokerage's profitability has been declining over the past two years because of the pandemic and the country’s tightening real estate regulation. 5i5j reported a nearly 47 percent drop in net profit to CNY166 million (USD24.8 million) last year from 2020. In the first quarter of this year, it made a net loss of CNY241 million after recording a net profit of CNY172 million a year ago. The housing market has been recovering slower than expected this year, 5i5j wrote in its first-quarter report. The pandemic hit key cities for the firm such as Shanghai so offline business has been limited, greatly impacting sales, it added. Going forward, 5i5j will adjust and improve its business in smaller cities and gather its resources in key cities while protecting its network and helping its employees in core areas hit by the pandemic, it said in the first-quarter report. Shares of 5i5j [SHE: 000560] rose 1.4 percent to CNY2.92 (44 US cents) at the close today, raising its market capitalization to around CNY6.9 billion (USD1 billion). The stock price has slumped nearly 40 percent in the past year. Editors: Dou Shicong, Emmi Laine, Xiao Yi
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5i5j.com Frequently Asked Questions (FAQ)
When was 5i5j.com founded?
5i5j.com was founded in 1998.
Where is 5i5j.com's headquarters?
5i5j.com's headquarters is located at Beijing.
What is 5i5j.com's latest funding round?
5i5j.com's latest funding round is PIPE - III.
Who are the investors of 5i5j.com?
Investors of 5i5j.com include Premier Prophet Assets Management, Yanshan Investment, Guotai Junan Securities, 58.com, Haier Capital and 5 more.
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