In the first quarter of 2021, the Company continued to optimize its revenue mix and prioritized the generation of revenues from value-added services and new business initiatives, such as its SaaS solutions for various platform participants, with which the Company attempted to diversify its future revenue stream. Revenue in the first quarter of 2021 increased by 6.9% to RMB291.0 million ( US$44.4 million) from RMB272.1 million in the same period of 2020. As such, we believe that our ongoing efforts in refining our new construction property and resale property businesses will enable us to sustain our revenue growth and margin expansions going forward.” China's real estate industry is massive and rapidly evolving. Looking ahead, our top priorities in the near term will be the effective management of risks and continuous expansion of our profit margins. With the increasing demand of advanced commission payments from agents, we are exploring technology-enabled solutions to address this need through supply chain financing products. Jiaorong Pan, Chief Financial Officer of FangDD, added, “Recognizing the current state of the fierce market competition, we will remain focused on optimizing products and improving efficiencies. Finally, we have made significant changes to our management team by appointing young talents to the director position in multiple cities to accelerate the development of our digital service capabilities for developers.”
In addition, we further expanded our resale property segment and its revenues increased substantially in the first quarter of 2021. Looking ahead, we expect our SaaS business to start generating revenues in the second quarter of 2021.
Meanwhile, we also launched multiple pilot programs. Additionally, we remained committed to leveraging our asset-light service model to improve our operating efficiency, while also focusing on development of SaaS solutions to better service developers’ increasing developers' digital marketing needs. Xi Zeng, Co-Chief Executive Officer of FangDD, stated, “In the first quarter of 2021, we continued to strengthen the core competencies of our new construction property business while further expanding our resale property business. We believe that such efforts will enable us to better capitalize on the opportunities brought about by the digitization of China’s real estate industry going forward.” We will remain committed to providing best-in-class services to both real estate agents and developers through our innovative SaaS offerings. In light of these market trends, we are confident in the long-term growth prospects of our asset-light and technology-enabled platform model. Furthermore, the market for resale property services and value-added services to industry participants in Tier-1 and Tier-2 cities is growing exponentially. As such, we expect 2021 to be the year in which digital marketing becomes an essential tool for developers to expand their businesses. Yi Duan, Chairman and Co-Chief Executive Officer of FangDD, commented, “In 2020, while China’s total commercial housing sales were RMB17.4 trillion, developers had shifted their focuses to leveraging digital marketing channels to improve their operating efficiencies following the implementation of recent policies. New property and resale listings contributed RMB16.4 billion ( US$2.5 billion) and RMB13.5 billion ( US$2.1 billion), respectively, to the total closed-loop GMV in the first quarter of 2021.
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