Sina Tech, 7/06/18
Chinese consumer electronics and home appliance retailer Suning.com (002024.SZ) has recently begun developing a housing resale agency business, with service fees set at RMB 9,999 per transaction regardless of the value of the home. The business is currently at the internal testing stage and may launch online as early as the end of July. Suning.com has not commented officially on the matter.
Suning.com established a new, wholly-owned subsidiary called Suning Youfang Technology in May 2018. Hou Enlong, president at Suning, has taken a leading role at the new company.
A source close to the matter said that Suning is positioning the new business internally as an "intermediary-less, transparent real estate transaction platform," and that the platform is still undergoing testing. After launching, the platform will provide an alternative model to traditional real estate intermediaries such as chain agencies. For example, traditional brokers often collect a 2.4% transaction fee, while Suning.com's platform will charge a flat RMB 9,999 fee.