A rebounding new home market in China has seen real estate marketplace Leju (NYSE: LEJU) righting the ship in 2019, with revenues increasing 39% to $17 million U.S. in Q2. This was led by a 51% rise in revenues from e-commerce services — which reached $132 million U.S.

Secondary brokers have almost completely abandoned Leju, however. The company’s listings business is being squeezed by the likes of 58.com‘s Anjuke and Lianjia‘s new offering Beike, which was launched in April 2018. The segment’s revenue decreased by 40% in Q2, bringing in just $400,000 U.S.

“We are pleased that Leju achieved solid growth in both revenue and profit in the second quarter,” CEO Geoffrey He said. “Our e-commerce revenue was close to our all-time high this quarter benefiting from the implementation of our top-down strategy. We have accumulated a strong project pipeline for the second half of 2019.”

Leju estimates that third-quarter revenues will be approximately $170 million to $180 million U.S. —- which would represent an increase of approximately 27% to 35% from $133.6 million in Q3 2018.

The company’s largest independent backer Sina — whose real estate and home furnishing websites Leju operates — was forced to impair $113 million U.S. in losses on its 30% stake in the company when its stock price first bottomed out at around $1.50 U.S. in 2017. Leju’s stock continues to trade at this price today.

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