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BEIJING, April 24, 2020 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019. Fourth Quarter 2019 Highlights Total revenues were $49.3 million, a decrease of 26.7% from $67.3 million in the corresponding period of 2018. Operating loss from continuing operations was $21.0 million, compared to an operating incomefrom continuing operations of $21.1 million in the corresponding period of 2018. Net loss was $26.2 million, compared to a net loss of $29.4 million in the corresponding period of 2018. Fiscal Year 2019 Highlights Total revenueswere $219.7 million, a decrease of 8.5% from $240.0 million in 2018. Operating income from continuing operations was $24.1 million, an increase of 145.7% from $9.8 million in 2018. Net loss was $7.7 million, compared to a net loss of $114.9 million in 2018. "In 2019, we had challenges but also achievements," commented Mr. Jian Liu, CEO of Fang. "For the year of 2020, challenges and opportunities co-exist because of the potential effects of COVID-19. I believe our new initiatives, including online live broadcastings, online exhibitions and VR live, will be strong drivers of our business." Fourth Quarter 2019 Financial Results Revenues Fang reported total revenues of $49.3 million in the fourth quarter of 2019, a decrease of 26.7% from $67.3 million in the corresponding period of 2018. Revenue from marketing services was $18.9 million in the fourth quarter of 2019, a decrease of 35.0% from $29.1 million in the corresponding period of 2018, mainly due to the decrease in aggregate market demand. Revenue from listing services was $12.7 million in the fourth quarter of 2019, a decrease of 25.3% from $16.9 million in the corresponding period of 2018, mainly due to the decrease in the number of paying customers. Revenue from leads generation services was $14.4 million in the fourth quarter of 2019, an increase of 16.2% from $12.4 million in the corresponding period of 2018. Revenue from financial services was $1.4 million in the fourth quarter of 2019, a decrease of 69.2% from $4.6 million in the corresponding period of 2018, mainly due to the decrease in average loan receivable balance. Cost of Revenue Cost of revenue was $4.1 million in the fourth quarter of 2019, a decrease of 41.6% from $7.0 million in the corresponding period of 2018, primarily due tothe decline in sales and the optimization in cost structure. Operating Expenses Operating expenses were $68.4 million in the fourth quarter of 2019, an increase of 74.3% from $39.2 million in the corresponding period of 2018. Selling expenses were $26.3 million in the fourth quarter of 2019, an increase of 78.9% from $14.7 million in the corresponding period of 2018, mainly due to the increase in promotional expense. General and administrative expenses were $42.1 million in the fourth quarter of 2019, an increase of 71.6% from $24.5 million in the corresponding period of 2018, mainly due to the increase in staff related costs. Operating (Loss)/Income from Continuing Operations Operating loss from continuing operations was $21.0 million in the fourth quarter of 2019, compared to operating income from continuing operations of $21.1 million in the corresponding period of 2018. Change in Fair Value of Securities Change in fair value of securities for the fourth quarter of 2019 was a loss of $3.5 million, compared to a loss of $31.4 million in the corresponding period of 2018, mainly due to the fluctuation in market price of investments in equity securities. Income Tax Benefits/Expenses Income tax benefits were $3.4 million in the fourth quarter of 2019, compared to an expense of $23.7 million in the corresponding period of 2018. Net Loss Net loss was $26.2 million in the fourth quarter of 2019, compared to a net loss of $29.4 million in the corresponding period of 2018. Fiscal Year 2019 Financial Results Revenues Fang reported total revenues of $219.7 million for 2019, a decrease of 8.5% from $240.0 million in 2018. Revenue from marketing services was $94.6 million for 2019, a decrease of 3.8% from $98.4 million in 2018. Revenue from listing services was $63.5 million for 2019, a decrease of 22.4% from $81.7 million in 2018, mainly due to the decreased number of paying members in listing services. Revenue from leads generation services was $43.3 million for 2019, an increase of 103.3% from $21.3 million in 2018, driven by the increase in effectiveness of services and customer acceptance. Revenue from financial services was $9.6 million for 2019, a decrease of 47.1% from $18.1 million in 2018. Cost of Revenue Cost of revenue was $26.5 million for 2019, a decrease of 42.9% from $46.4 million in 2018, primarily due to cost savings from optimizing our core business. Operating Expenses Operating expenses were $174.6 million for 2019, a decrease of 7.2% from $188.3 million in 2018. Selling expenses were $73.6 million for 2019, an increase of 24.6% from $59.1 million in 2018. General and administrative expenses were $101.1 million for 2019, a decrease of 21.8% from $129.2 million in 2018, mainly due to the decrease in bad debt. Operating Income from Continuing Operations Operating income from continuing operations increased from $9.8 million in 2018 to $24.1 million for 2019. Change in Fair Value of Securities Change in fair value of securities for 2019 was a loss of $46.1 million, compared to a loss of $167.4 million in 2018, mainly due to the fluctuation in market price of investments in equity securities. Income Tax Benefits Income tax benefits were $12.5 million for 2019, a decrease of 34.2% from $19.0 million in 2018, primarily due to the effect of change in fair value of equity securities and the reversal of previously recorded ASC 740 (FIN 48) income tax and interest liability. Net Loss Net loss was $7.7 million for 2019, compared to a net loss of $114.9 million in 2018. Business Outlook Based on current operations and market conditions, Fang's management predicts a positive net income for the year of 2020, which represents management's current and preliminary view and is subject to change. Conference Call Information Fang's management team will host a conference call on the same day at 8:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong time). The dial-in details for the live conference call are: International Toll: +65 67135600 Toll-Free/Local Toll: United States +1 877-440-9253 / +1 631-460-7472 Hong Kong +852 800-906-603 / +852 3018-6773 Mainland China +86 800-870-0075 / +86 400-120-0948 Direct Event Passcode 1578624# Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash (#) sign to get into the call. Direct Event online registration:http://apac.directeventreg.com/registration/event/8819045 A telephone replay of the call will be available after the conclusion of the conference call from 11:00 AM ET on April 24, 2020 through 9:59 AM ET May 2, 2020. The dial-in details for the telephone replay are: International Toll: +61 2-8199-0299 Toll-Free/Local Toll: United States +1 855-452-5696 / +1 646-254-3697 Hong Kong +852 800-963-117 / +852 3051-2780 Mainland China +86 400-602-2065 / +86 800-870-0206 Conference ID: 8819045 A live and archived webcast of the conference call will be available on Fang's website athttp://ir.fang.com. About Fang Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China's fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com. Safe Harbor Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding Fang's future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang's control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang's transformation back to a technology-driven Internet platform and the impact of current and future government policies affecting China's real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang's filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. Fang Holdings Limited Unaudited Condensed Consolidated Balance Sheets[1] (in thousands of U.S. dollars, except share data and per share data) ASSETS December 31, December 31, 2019 2018 Current assets: Cash and cash equivalents 181,702 171,183 Restricted cash, current 218,112 245,474 Short-term investments 118,979 16,043 Accounts receivable, net 67,369 58,687 Funds receivable 8,372 5,474 Prepayments and other current assets 32,954 27,894 Commitment deposits 188 191 Loans receivable, current 60,490 117,602 Amounts due from related parties 369 - Current assets of discontinued operations - 26,289 Total current assets 688,535 668,837 Non-current assets: Property and equipment, net 695,457 727,739 Land use rights - 33,153 Loans receivable, non-current - 6,249 Deferred tax assets 6,362 2,202 Deposits for non-current assets 618 902 Restricted cash, non-current portion 42,452 6,990 Long-term investments 341,946 373,233 Other non-current assets 39,400 4,558 Non-current assets of discontinued operations - 573 Total non-current assets 1,126,235 1,155,599 Total assets 1,814,770 1,824,436 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term loans 267,029 297,811 Short term bond payable 102,779 - Deferred revenue 136,859 142,473 Accrued expenses and other liabilities 118,977 118,924 Customers' refundable fees 5,538 3,976 Income tax payable 3,834 2,383 Amounts due to related parties 9,227 19 Current liabilities of discontinued operations - 35,327 Total current liabilities 644,243 600,913 Non-current liabilities: Long-term loans 182,321 123,215 Convertible senior notes 169,146 254,435 Deferred tax liabilities 84,964 97,578 Other non-current liabilities 138,001 150,837 Non-current liabilities of discontinued operations - 2,258 Total non-current liabilities 574,432 628,323 Total Liabilities 1,218,675 1,229,236 Equity: Class A ordinary shares, par value Hong Kong Dollar ("HK$") 1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, issued shares as of December 31, 2018 and December 31, 2019: 72,069,645 and 71,775,686; outstanding shares as of December 31, 2018 and December 31, 2019: 65,004,587 and 65,403,005 9,244 9,286 Class B ordinary shares, par value HK$1 per share, 600,000,000 shares authorized for Class A and Class B in aggregate, and 24,336,650 shares and 24,336,650 shares issued and outstanding as at December 31, 2018 and December 31, 2019, respectively 3,124 3,124 Less: Treasury stock (123,226) (136,615) Additional paid-in capital 528,357 517,802 Accumulated other comprehensive loss (93,070) (75,837) Retained earnings 270,973 276,746 Total Fang Holdings Limited shareholders' equity 595,402 594,506 Noncontrolling interests 693 694 Total equity 596,095 595,200 TOTAL LIABILITIES AND EQUITY 1,814,770 1,824,436 Unaudited Condensed Consolidated Statements of Comprehensive Loss[1] (in thousands of U.S. dollars, except share data and per share data) Three months ended Year ended December 31, December 31, December 31, December 31, 2019 2018 2019 2018 Revenues: Marketing services 18,919 29,117 94,639 98,377 Leads generation services 14,414 12,407 43,300 21,303 Listing services 12,662 16,948 63,471 81,741 Value-added services 1,712 1,381 5,893 5,182 Financial services 1,426 4,637 9,561 18,060 E-commerce services 191 2,787 2,847 15,384 Total revenues 49,324 67,277 219,711 240,047 Cost of revenues: Cost of services (4,086) (6,995) (26,472) (46,392) Total Cost of Revenues (4,086) (6,995) (26,472) (46,392) Gross Profit 45,238 60,282 193,239 193,655 Operating (expenses) income: Selling expenses (26,290) (14,692) (73,568) (59,064) General and administrative expenses (42,099) (24,539) (101,080) (129,224) Other income 2,197 5 5,477 4,427 Operating (loss) / Income from continuing operations (20,954) 21,056 24,068 9,794 Foreign exchange gain/loss (46) (606) 153 (598) Interest income 4,319 1,910 9,200 10,202 Interest expense (9,006) (5,217) (25,932) (21,174) Investment income, net 86 1,011 2,644 6,816 Realized gain on sale of available-for-sale securities (721) 148 861 761 Change in fair value of securities (3,450) (31,361) (46,062) (167,402) Government grants 184 584 927 1,224 Other non-operating loss - (7) - (30) Loss before income taxes and noncontrolling interests from continuing operations (29,588) (12,482) (34,141) (160,407) Income tax benefits(expenses) Income tax benefits 3,370 (23,697) 12,495 18,989 Net (loss) income from continuing operations, net of income taxes (26,218) (36,179) (21,646) (141,418) Income from discontinued operations, net of income taxes - 6,777 13,937 26,509 Net loss (26,218) (29,402) (7,709) (114,909) Net loss attributable to noncontrolling interests (1) 2 (1) 2 Net loss attributable to Fang Holdings Limited shareholders (26,217) (29,404) (7,708) (114,911) Earnings per share for Class A and Class B ordinary shares and per ADS: Basic (0.29) (0.33) (0.09) (1.29) Diluted (0.29) (0.33) (0.09) (1.29) Earnings from continuing operations per share for Class A and Class B ordinary shares and per ADS: Basic (0.29) (0.41) (0.24) (1.59) Diluted (0.29) (0.41) (0.24) (1.59) Earnings from discontinued operations per share for Class A and Class B ordinary shares and per ADS: Basic - 0.08 0.16 0.30 Diluted - 0.07 0.15 0.29 Weighted average number of Class A and Class B ordinary shares outstanding and ADSs outstanding: Basic 89,739,655 89,180,170 89,510,533 88,749,432 Diluted 89,739,655 90,473,173 90,073,715 91,994,057 [1] Impact of the Separation of China Index Holdings Ltd (NASDAQ: CIH) ("CIH") on the Company's Financial Statements: The separation of CIH represents a strategic shift of Fang and has a major effect on Fang's results of operations, the business operated by CIH has been reclassified as discontinued operations. For the periods presented in this press release, the assets and liabilities of the discontinued operations are presented separately on the consolidated balance sheets, and the results of the discontinued operations, less applicable income taxes, are reported as a separate component of income, which is income from discontinued operations, on the consolidated statements of comprehensive income (loss). SOURCE Fang Holdings Limited Related Links www.fang.com

Answer: Fang Announces Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results