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Prepared Remarks: Operator Ladies and gentlemen, thank you for standing by, and welcome to Fangdd Network Group Limited third-quarter earnings call.
And I would now like to hand the conference over to your speaker host today, Mr. Warren Wen, financial controller of the company. Please go ahead, sir. Warren Wen -- Financial Controller Yes.
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Thank you, operator. Hello, everyone, and thank you all for joining us on today's call. The company has announced its third-quarter results today, and earnings release is now available on the company's IR website.
And today, you will hear from our co-CEO, Mr. Zeng Xi, who will start the call with a review of our progress and the current industry dynamics and the details of our development strategy in this quarter.
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Afterwards, our CFO, Mr. Pan Jiaorong, will go over our financials before we open up the call for questions. Our management team will deliver their remarks in Chinese and I will provide the English translations. And before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which applies to this call as well, and we will be making forward-looking statements, and please also note that we would discuss non-GAAP measurements today, which are more thoroughly explained and reconciled to the most comparable measures reported under the generally accepted accounting principle in our earnings release and filings with the SEC.
Zeng Xi, and please go ahead.
Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller The first, the market size of the new construction property transactions, resale property transactions and the transaction service have maintained their growth trajectories.
In particular, the transaction service market has been growing steadily as the total value of the property transaction service is expected to reach The total value of resale property transaction services is expected to reach RMB Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller And the second, real estate regulators announced the establishment of the third red lines -- three red lines policy for domestic real estate developers in August This policy has effectively introduced filings for the debt-to-cash, debt-to-assets and the debt-to-equity ratios for real estate developers.
As a result of the new policy, the real estate developers are now being forced to place greater emphasis in accelerating their sales, collecting their accounts receivables and reducing the debt.
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This shift has encouraged developers to rely on real estate agents to greater portion of their sales and start utilizing other channels to reduce their inventory. Based on the data from National Bureau of Statistics and our own analysis, the total value of the developers' parking space inventory has reached RMB 1.
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And the total value of the community-centric business property has reached RMB The ability to quickly reduce inventory has become an essential component of the developer strategy to better manage their business and their cash flows. Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Earnings on your network -- Financial Controller Consequently, the third observation is the value agents are able to provide in facilitating real estate transaction has continued to grow and has thus further boosted the attractiveness of those agents who are capable of providing outstanding transaction services.
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While the penetration rate of agent service has maintained stable in terms of resale property transactions, the earnings on your network rate of agent services for new construction property transaction has grown rapidly. Meanwhile, within the agencies, we have observed that the majority of highly capable agents continue to deliver the lion's share of quality's results. Therefore, we believe that aggregating capable agents will be the key to unlock our future growth potential.
Zeng Xi -- Co-Chief Executive Earnings on your network [Foreign language] Warren Wen -- Financial Controller And the fourth is as the market expands, the subsidy competition between real estate transaction platforms has become serious as the platforms are leveraging their capital funding to offer higher commissions or subsidies to quickly gain market share.
Take Guangzhou, for example, we have seen platform providing advances of commissions in several projects in full with additional incentives for transaction ranging from 1, to 2, for each closed deals. And in other cities, including Shanghai and Chengdu are also following up this trend.
However, these subsidies and commission advances have been pushing up the developers' commission costs while forcing real estate agencies to rely on sheer quantity of agents to achieve their results.
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Zeng Xi -- Co-Chief Executive Officer earnings on your network language] Warren Wen -- Financial Controller Despite the intensifying market competition, we have still found that the demand for SaaS technology in the real estate services industry remains strong as technology continues to become essential for agents to conduct their business and provide their services. Our online solutions cover five key elements of the transaction progress -- process, including property listings, customer online reactions and real estate agent online services and transaction management online services and the transaction service fee payment online.
As a result, our solution has significantly improved both transaction efficiency and user experience. Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller Based on our accumulation of the valuable experience in the past nine years, we have implemented three major strategic optimizations in the third quarter. The first strategic optimization we made with our decision not to offer any subsidies, customer advances or advances for food commissions is that we plan to leverage our SaaS offerings and the technology to empower more small and medium-sized agencies, which also improved our ability to facilitate closed-loop transactions.
From our perspective, the vicious subsidy competition is not a long-term solution for the industry nor does it help to improve the market overall efficiency as such short-term performance in the market is unsustainable. A healthy and sustainable relationship between the platform and its agents cannot be built on subsidies. We believe that the future of real estate industry lies in leveraging technology to improve one's operating efficiency, standardizing their services and implementing appropriate guidelines.
In line with our first strategic optimization, we have remained committed to utilizing our SaaS solution to empower our agent partners, which we believe is at the core of our long-term economic model. As such, we continue to upgrade our total property sales SaaS solution in the third quarter to help agencies to better market their solution through their agents' private network.
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By leveraging official accounts and mini program on WeChat, our SaaS solution enables agencies to attract customers through the release of introductory videos for high-quality property listings. Meanwhile, we have also developed new features to help agents refine their operations without a different stage throughout the different stages great strategy for binary options their careers.
For example, during this quarter, we introduced a series of marketing incentives, including new user acquisition awards and a property viewing price and to stimulate agent activity, we also introduced platform coupons as a complement to these marketing incentives as well as an agent development system, which has helped agents to close transaction more effectively while augmenting the efficiency of both agency transactions and agency user acquisition efforts.
At the same time, we developed innovative features to help agents refine their operations throughout the different stage of their career to help enhance the quality of agents' work.
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For example, we leverage our ability to analyze the operating data of agents at the individual level to gain an in-depth understanding of agent needs in relation to workflow procedures, customer management and other area at different levels of development. Through earnings on your network analysis, we have helped agencies to improve their management capabilities in a number of ways such as enabling agencies to assign tasks to their agents online and set the reminders for agents' key responsibilities throughout the agents' work process.
These initiatives have helped new agencies, in particular, empowering those organizations to acquire customers and organize property viewing faster. We have also adjusted the needs of most small and medium-sized agencies for agent training, increased the usage of earnings on your network products and higher engagement on our platform.
As a result, our technology capabilities has enabled us to continue optimizing our SaaS solutions and service offerings and thus attract more agents to our platform.
In the third quarter ofthe number of active agents on our platform exceededrepresenting an increase of More importantly, in September, the number of active agents on our platform increased by Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller The goal of the second strategic optimization is to maximize the number of agents that complete real estate transaction deals exclusively on our platform. For this purpose, we will focus on utilizing our SaaS solution and online operation services to empower those agents in our preferred agent alliance network.
These initiatives will enable us to achieve mutual growth with our agents and enabled our transaction service capabilities over the long run.
Through this partnership, we plan to develop a leading first-grade technology-enabled franchising system in the fourth quarter. We are confident that our ability to empower our agent will enable -- will help us to secure the exclusivity of our Asian partnership over the long run.
And we have announced this overall cooperation with Centaline Group yesterday. Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller In the last nine years, our platform has accumulated over 1 million agents as a result of our technology leadership.
Centaline Group is based in Hong Kong and has been active in Mainland China's real estate market since the s. The combination of its extensive experience in off-line operations and sophisticated management system has made Centaline Group one of the best real estate agent service providers in this country.
Liu Tianyang, Director of Centaline Group, Vice President of the Centaline China Property Agency Limited and the Chairman of China's real estate agent union will serve as the President of this joint venture, which currently manage over real estate agent shops, off-line agent shops in China. Zeng Xi -- Co-Chief Executive Officer [Foreign language] Warren Wen -- Financial Controller The first strategic optimization focus on strengthening our off-line resale property service capabilities and expanding the service offerings of our transaction service centers, off-line centers.
By utilizing our Duoduo transaction CRM, our transaction service centers are able to fully digitize the management process of the transactions. During the third quarter, we built an additional 10 self-owned transaction service centers and established 41 online stores, while -- 41 off-line stores, while expanding our coverage to 11 cities in the Shanghai area through joint operations.
In addition, we have provided online solutions on the transaction of commission payments. Today, we have already established partnerships with ICBC and the Bank of Communications and interfaced our system with both banks to enhance the efficiency of the mortgage process.
As property listings are essential for agent to conduct their business, we continue to expand our property listing library in the third quarter to better serve agency on our platform.
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We consider this is the core supply of production materials for the agents. We further enhanced our products and services to a real estate developer to expand our developer collaborations and our library for new construction property listings.
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