Among them, the existing housing transaction is one of the core businesses, and the revenue keeps increasing year by year. The new Taiwan Phone Number List home transaction service also experienced explosive growth in 2019, with a revenue share comparable to the existing home business. In addition, emerging services have also achieved good Taiwan Phone Number List results, and the proportion of revenue has increased year by year, which will help Lianjia achieve diversified development. In terms of cost structure, the commission costs within Shell (Lianjia) in the past three years were 15.66 billion, 15.77 billion and 19.44 billion yuan respectively, showing a momentum of expanding growth.
The proportion of commissions to the total cost of revenue is 75.6%, 72.4% and 78.7%, respectively, and has always occupied Taiwan Phone Number List the main position. In terms of expenses, the proportion of management expenses in the past three years Taiwan Phone Number List has remained above 50%. The industry-leading number of stores and a huge intermediary team "contribute" high management costs. As of the end of March this year, the number of Shell's stores reached 42,247, and the number of intermediaries reached 456,000. In addition, the proportion of research and development expenses is also increasing year by year.
Shell regards the construction of big data and the innovation of AR/VR technology in the real estate field as the focus of enhancing Taiwan Phone Number List competitiveness. On the Lianjia APP, we can also see the highlight functions of VR room viewing/VR viewing decoration. This function is a blockbuster work that Lianjia has invested 300 million yuan in two Taiwan Phone Number List years through the Shell Rushi team, has iterated nearly 160 times, and obtained 66 patents. To explore the diversified development direction of Lianjia, we might as well start with VR viewing/VR decoration.