HengTen records HK$218m loss, aims to turn a profit next year
Most of the money expected to come from commission charges on online furniture sales and community finance
HengTen Networks, a newly formed internet community services platform controlled by major Chinese developer Evergrande Real Estate and internet giant Tencent, says it expects to post a profit next year.
Evergrande and Tencent jointly acquired 75 per cent of Hong Kong-listed Mascotte Holdings in July to complete a back-door listing and subsequently changed its name to HengTen Networks.
Evergrande holds 55 per cent of HengTen, while Tencent holds 20 per cent of the company, which aims to create an O2O (online-to-offline) community service platform for housing estate residents.
HengTen chairman Peng Jianjun, who is also vice-president of Evergrande Group, said on Friday the platform would provide fundamental services from property management and neighbourhood social networking to e-commerce.
We’ve already signed cooperation deals with many furniture and appliance companies
But these would not be its main source of revenue.