Delisted from NYSE (April 2021) after its rent-arbitrage model collapsed; shares suspended since March 2021
The rise & fall
6 moments Β· 2015β2021
The key moments.
2015
π±
2015
Founded in Beijing
Danke ('eggshell') leases flats from landlords, renovates them and re-lets them to tenants β often funding the gap with tenant rent-loans.
Wikipedia
2018
π¦
2018
Joins the unicorn club
Roughly $1B of venture money funds a breakneck expansion of the rent-arbitrage model across Chinese cities.
Crunchbase
Jan 2020
π
Jan 2020
The peak: a $3.1B NYSE debut$3.1B
Phoenix Tree Holdings lists in New York days before COVID lockdowns slam its home market.
SCMP
2020
2020
The model unravels
A 1.23B-yuan quarterly loss, then the cash runs out: landlords go unpaid and tenants β many still owing on rent loans β face eviction.
Caixin
Apr 2021
πͺ¦
Apr 2021
Delisted β joins the Unitard Club π
Shares suspended since March, the NYSE pulls the listing after Danke fails to report financials β peak to zero in fifteen months.
SCMP
$3.1Bof peak value erased Β· 6 years
How it happened
Danke Apartment (θε£³ε ¬ε―), formally Phoenix Tree Holdings, was a fast-growing Chinese long-term apartment-rental platform with a WeWork-like, rent-arbitrage model: it leased flats from landlords, renovated them and re-let them to tenants, often funding the gap with tenant rent-loans.
It listed on the NYSE in January 2020 at a fully diluted value of about $3.1B, but the model unraveled as cash ran short β it stopped paying landlords, stranded tenants, and its founder came under investigation. Shares were suspended in March 2021 and the NYSE moved to delist the company that April after it failed to report financials.
Source: SCMP / Caixin / Nasdaq (WeWork-style apartment rental; Jan 2020 NYSE IPO at ~$3.1B fully diluted; stock fell ~82% from IPO; net loss 1.23B yuan in Q1 2020; delisted Apr 2021 for failing to report financials)