Kitty finds a house to respond to the “Thunderstorm”: still in normal operation and strive to come up with a solution within two or three weeks

On the afternoon of October 12, it was reported that Kitty looked for a room to respond on its WeChat public account today in response to the online transmission of “thunderstorms.” Xiaoying said that the company is still operating normally, and strives to come up with a package of solutions within two to three weeks, which will be supervised by the government.The following is the full text of the response:

Kitty’s house search is still operating normally; recently, some individuals have used the Internet to promote the incident of Kitty’s finding a house “thunder” and “run away”. Some lawbreakers seized the public opinion dispute and spread false rumors. This caused misunderstanding and confusion among some of our customers, and caused a series of misinterpretations and suspicions among the public.

In this regard, our company solemnly declares:

1. “Xiaoying Looking for a house is the official brand of Shenzhen Xiaoying Housing Leasing Co., Ltd., and our company has nothing to do with the long-term rental apartment brands that have recently experienced “thunderstorms”, “road running” and other incidents, and has no business contacts or business partnerships. Kitty Eagle Housing Company is still operating normally.

2. At present, our company is still operating normally under the supervision of relevant government departments. And strive to come up with a package of solutions within two to three weeks, supervised and implemented by the government.

3. Kitty’s official account for finding a house will update the processing progress, company dynamics and subsequent plans on the official account in the most timely manner.

In the face of various industry difficulties and the “black swan” event of the epidemic, we have successfully overcome and persisted until now. Landlords and tenants, please don’t worry. We are actively coordinating and handling. At this time, the company, the government and the general public must stand together. Please give Kitty more time to find a house. Kitty finds a house and is doing our best to help you. solve. Kitty is very sorry for the inconvenience caused to you!

Hereby declare


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Shenzhen another long-term rental apartment is also involved in the proposed listed company behind the thunderstorm

The breach of contract by the third-party escrow company has turned the previously unknown landlord and tenant into contradictory opposites, and their respective rights and interests have not been protected, and “mismanagement” seems to always be a reasonable argument for the management to try to get out of the shell.

Victims personally complained about renting a house explosion

At around 10:30 on the morning of October 10, I just came to the garden of Shenzhen Xiaoying Housing Leasing Co., Ltd. (hereinafter referred to as “Xiaoying Looking for a House”) and found that the door had been surrounded by rights defenders.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 1

Yesterday the landlord told her that she had not received the rent for two months, and that she would collect the rent if she didn’t settle it next Monday. Yuanyuan immediately contacted the housekeeper who had rented her house, but was told that she had resigned, and called the company staff to say that she had just taken over, and she had to understand the situation before replying. Yuanyuan has just graduated one year ago. During the epidemic period, he exchanged rent with a friend for a small loft apartment in Longhua District. When he first came, he was attracted by the apartment’s convenient transportation and exquisite decoration style. The housekeeper told them that they only need to pay 4200 yuan a month and pay another 400 yuan for the property fee each month to rent this apartment. At that time, the surrounding two bedrooms and one living room cost about 6000 yuan/month, and Yuanyuan and his friends paid a deposit on the spot and decided to rent this suite. A total of one year’s rent has been paid, and she has only lived for 5 months but now she faces the risk of being driven away. She has to rush in today.

Because it was an online contract, it was the first time that Yuanyuan came to the office of Kitty Hawk looking for a house. The person in charge of the company was not there. There were only security guards and community workers who maintained order. The office space was crowded with landlords and tenants who came to defend their rights. Most landlords had not received the rent for two months, and they came to ask for an explanation and prepared to take the house forcibly. The tenants, including Yuanyuan, expressed themselves. It is the annual rent. Why can’t you continue to live if the contract is not fulfilled?

It turned out that Kitty’s business model for finding a house was “high income and low rent” (the rent paid to the owner of the house is higher than the rent collected by the tenant), which has been repeatedly reminded of risks, and “long income and short payment” (the cycle of collecting rent from the tenant) Longer than the rental cycle for housing rights holders), some landlords said that the market price of their house rent is about 7,500 yuan/month, while Xiaoying looks for a house to collect rent from tenants at 5500 yuan/month. At present, it is clear that the capital chain is broken, and a large number of rents cannot be paid.

Community staff at the scene said that the Shenzhen Municipal Bureau of Housing and Urban-rural Development, the Human Resources and Social Security Bureau, the Public Security Bureau and other relevant departments have intervened in the investigation and organized the landlord and tenant to fill in relevant information respectively. As for Kitty’s housing search, a staff member of the External Relations Department said that the landlord and tenants negotiated, and they can come to the company to terminate the contract. The company’s money owed to the landlord and tenants will be returned in six installments. The first installment will be on December 30. It will be refunded daily, and some landlords and tenants have signed termination agreements.

Landlord version:

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 2

Tenant version:

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 3

However, many tenants, including Yuanyuan, believe that they can only get a “white bar” close to the credit bankrupt company when they sign the agreement and the money is not returned. The landlords want to immediately terminate the contract and take back the house as soon as possible. This makes the relationship between the two parties that should have been unanimously more delicate, and the existence of a large rent gap makes the communication between the two parties more and more ineffective.

At about 6 pm, Yuanyuan and other rights defenders who had been waiting for a day finally waited for the person in charge of Kitty Eagle Leasing (according to his own claim). The manager Fei said that the company is indeed doing poorly now, but it is actively solving the problem. Under the guidance of relevant departments, a full set of solutions will be given in 2-3 weeks.

Also present were the staff of the Shenzhen Municipal Bureau of Housing and Urban-Rural Development (identification not provided). He said that the relevant government departments have established a platform to deal with this matter specifically and will provide guidance on the company’s solutions. It is hoped that landlords and tenants will fill in statistical information and select representatives to participate in the discussion of the solution as soon as possible.

The person in charge did not give a clear reply to the questions raised on the spot regarding the company’s current number of houses that failed to pay rent on time, the amount of funds involved, the destination of the company’s funds, and the relationship between the company and Sancai.

“Of course I am willing to wait another 2-3 weeks, but I don’t know if the landlord is willing,” Yuanyuan said.

Many landlords said that the monthly rent collected should be used to pay the loan amount of the house, and the bank would not give him time to find a house and tenants for Kitty. The landlord also said that with the vacancy period, Kitty owed himself more than three months rent for the house. According to the contract, the landlord has the right to terminate the contract if the rent is delayed for 15 working days.

On the evening of October 10th, tenants already posted related topics on Tencent News.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 4

Behind the high-risk crazy expansion or supporting the core business of related companies?

On September 23, the official WeChat account of Kitty Hawk Apartments issued a statement stating that the company is still operating normally. According to on-site statistics on October 10, Kitty has more than 300 property owners who have defaulted on rent.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 5

According to data from Tianyan Check, Shenzhen Xiaoying Housing Leasing Co., Ltd. was established on September 27, 2019, and the company has a housing lease contract dispute.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 6

In addition, a number of tenants told the Securities Times reporter that they had signed a lease on the “Sancaijia” app. The staff also said that the parent company behind Kitty’s house search is Sancaijia, but it is no longer available on the app. Looking at the house lease contract, Kitty did not have an official response to its relationship with Sancai Home Co., Ltd. when looking for a house. The reporter discovered through public information that there may be inextricable links between Kitty’s search for a house and the city’s search for a house and Sancai’s home.

It is reported that Sancaijia is a full-scenario SaaS service provider in the life service industry. The company’s official introduction has six management systems: human resource management system, customer management system, transaction settlement management system, data analysis management system, product management system and supply The chain management system is mainly used in community scenarios such as housing leasing industry, housekeeping service industry, community supermarket industry, property management industry and home decoration industry. Sancaijia recently submitted a prospectus in the US stock market, preparing to go public and raise no more than 30 million US dollars.

According to the information in the corporate structure chart of Tianyan, Sancai’s and Chengcheng’s search for a house used to have the same shareholders or actual investors, and the prospectus of Sancai’s also stated that Chengcheng’s search for a house was once related to Sancai. square.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 7

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 8

The equity relationship between Sancai Family and Xiaoying’s real estate search has not been directly reflected. At present, it has only been found that the registration agency for its parent company Shaanxi Xiaoying Investment Management Co., Ltd. and Sancaijiahe Chengcheng Housing Search is the Economic Development Branch of the Xi’an Administration for Industry and Commerce.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 9

However, it is worth noting that all the SaaS systems currently used by Chengcheng Real Estate and Kitty Hawk Real Estate are purchased from Sancai.

According to the prospectus, Sancai’s net profit turned positive in 2019, reaching US$6.4577 million, a 532% increase from the previous year. And its financial data for 2020 and 2019 as of March 31 shows that after 90% of the leases were transferred in 2019, revenue did not decline, and profits increased significantly. The reason explained in the prospectus is that the company has shifted its focus from the rental market to property website services and lock sales (or it can be understood as its SaaS business and smart lock sales business). Among them, Chengcheng Housing is its largest customer, accounting for 62.2% of its revenue.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 10

At the same time, the prospectus mentioned that its property network services and lock sales were launched in the second half of 2019 and early 2020, respectively. These two business lines had no revenue for the first six months as of March 31, 2019.

Kitty House Search was established in September 2019. Since then, it has rapidly expanded with the model of “high income and low rent + long income and short payment”. Each of its homes has purchased Sancaijia’s core business-SaaS and smart locks. In this way, the scale of Kitty’s housing search will continue to grow, which will also promote the continuous growth of Sancai’s performance.

When can the rental business abandon financial gameplay and return to the essence of rental services?

At the beginning of this year, both eggshells and Qingke exploded with thunder. Recently, long-term rental apartments across the country have continued to thunder.

On August 27, long-term rental apartments in Shanghai, Chengdu and other places such as Youke, Chaoke, and Lanyue were exposed one after another, and tens of thousands of people were facing homelessness due to “explosive thunder.”

On September 1, Guangzhou Real Estate Leasing Association issued a risk warning to remind the majority of housing leasing parties to choose carefully and pay attention to screening in leasing activities, and publicized the list of companies that have been focused on and interviewed by relevant management departments and industry associations. Guangzhou Xiaoying Renting a House, Urban City Finding Guangzhou Branch, and Sancai’s Guangzhou Branch are all listed.

Kitty finds a house to respond to the "Thunderstorm": still in normal operation and strive to come up with a solution within two or three weeks 11

At the beginning of September, Shenzhen Yuyi Property Management Co., Ltd. was suspected of having an operating model of “high income, low rent, long income and short payment”, which resulted in “explosive thunder”.

Regarding “the hosting company runs away, what should the tenants and landlords do”, the reporter interviewed a number of legal professionals, and was told that this issue is currently controversial in the theoretical and practical circles, and the implementation standards vary from place to place.

There are two views in theory. The first view is that the landlord bears the responsibility. The jurisprudence of this view is that according to the definition of agency in Article 162 of the Civil Law, the escrow contract signed by the landlord and the escrow company includes the authorization of agency. The lease contract signed by the escrow company and the tenant is actually exercising the power of agency. The contract is also binding on the landlord and the tenant legally obtains the right to occupy the house. Even if the trusteeship company fails to fulfill its contractual obligations with the landlord, the tenant still enjoys the right to occupy the house.

The second view is that the responsibility lies with the tenant. The legal relationship based on this view believes that the landlord and the trusteeship company is a de facto lease relationship rather than an entrusted relationship, and the trusteeship company and the tenant are also a lease relationship. The legal relationship between the three is: the landlord is the lessor, the trustee company is the tenant, and the tenant is the secondary tenant. According to Article 224 of the “Contract Law of the People’s Republic of China,” the landlord has the right to rescind the agreement and recover the rent because the trusteeship company cannot default on the rent.

In reality, the escrow company runs away, causing damage to the interests of both the landlord and the tenant. Even if the suing the escrow company wins, the other party is already a shell company and has no ability to repay. It may be a relatively long process to recover losses. From the previous case, basically the tenant and the landlord negotiated to bear part of the loss.

In response to the rent failure incident in Shenzhen Kitty’s search for a house, a reporter from the Securities Times interviewed the relevant person in charge of the Shenzhen Municipal Bureau of Housing and Urban-rural Development. The other party stated that there are structural problems in long-term rental apartments, and government departments are currently actively and orderly. Promote the resolution of the incident, hoping that the victims can rationally defend their rights.

The emergence of third-party rental platforms originally occupied the time when the country emphasized the simultaneous development of rental and sales, the geographical advantages of large-scale housing renovation, and the increasing acceptance of rental housing. Why did the industry decline rapidly in just four or five years? Thunder frequently?

The reason is that the industry was supposed to be a heavy investment and long-term industry. At present, most companies are playing financial games, or launching rent loans, or adopting a business model of “high income and low rent” in order to Get cash flow the fastest and compete for market share. However, this business model has inherent flaws and huge risks, and has been falsified under market laws.

In September this year, the Ministry of Housing and Urban-Rural Development issued the “Regulations on Housing Leasing (Draft for Solicitation of Comments)” to clearly regulate the qualifications, behaviors, supervision mechanisms and legal responsibilities of housing leasing companies. The Regulations are the first regulatory and normative document in the field of housing leasing in my country. It aims to regulate housing rental activities, safeguard the legal rights and interests of the parties involved in housing rentals, build a stable housing rental relationship, and promote the healthy development of the housing rental market. Hangzhou and other places are also beginning to try new regulatory policies such as “risk prevention and control funds”.

Insiders said that the housing leasing industry is about to face the strongest supervision and will also usher in development opportunities. “Regulation is expected to end all kinds of chaos in the industry, which creates a better environment for normal businesses.”