China-based real estate marketplace operator Leju Holdings reported earnings for the first half of 2023, which was marked by subdued sales revenue from e-commerce and online advertising services.

In H1 2023, total revenue fell 6% year-on-year (y-o-y) to $159 million U.S. Reduction in operating expenses helped Leju bring down operating loss to $23.5 million from operating loss of $64.8 million in H1 2022. Net loss significantly narrowed to $19.4 million from $52.9 million.

“China’s real estate industry remained sluggish during the first half of 2023, seeing a slight first-quarter rebound but then returning to a downward trend during the second quarter. Combined with the ongoing difficulties experienced by China’s real estate developers, these factors have created significant challenges for Leju’s advertising and e-commerce operations,” said Leju’s CEO Geoffrey He.

“Faced with these unprecedented market difficulties, we have adjusted our product structure and business direction to ensure the stability of our business and have been exploring new business opportunities. Responding to the significant changes in the supply and demand relationship of China’s real estate market, starting from the second quarter, local governments in multiple regions across the country have introduced measures to further optimize the real estate regulatory measures. Leju will take this opportunity to further consolidate our foundation and strive for new development opportunities while ensuring healthy operations.”

New York-listed Leju is active in online property advertising through local websites in China, such as, home furnishing and ecommerce services. The company is majority-owned by transactional real estate company E-House.

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