KE Holdings, the newly public real estate company that operates Beike and Lianjia, saw net revenues rise 70.9% year-on-year to RMB 20.5 billion ($3 billion U.S.). This was KE’s first quarter as a publicly-traded company.
Gross transaction value (GTV) came in at a whopping RMB 1.05 trillion ($154.6 billion U.S.), up 87.2% year-on-year. Beike had around 478,000 agents at the end of September, a 50.7% year-on-year increase. The company said it had around 45,000 stores, a 41.7% year-on-year increase.
New home transaction services were up 95% to RMB 11.1 billion, from RMB 5.7 billion in the same period a year before. The company attributed this growth to strong GTV growth in the new homes sector.
Existing home transaction services were up 46.2% to RMB 8.8 billion, due to an increase in GTV from network agents.
Monthly active users were up a whopping 82.1% to 47.9 million visitors.
“We are pleased to deliver strong results for our first quarter as a public company,” said Stanley Yongdong Peng, co-founder and CEO of Beike. “In the third quarter, we continued to strengthen our infrastructure, including the Agent Cooperation Network, by scaling up our network of community centric stores and agents, as well as expanding our online presence at a rapid pace.”
KE expects Q4 net revenues to come in around RMB 20 billion.