SHANGHAI, June 22, 2011 /PRNewswire-Asia-FirstCall/ -- China Real Estate Information Corporation ("CRIC" or the "Company") (NASDAQ: CRIC), a leading provider of real estate information, consulting and online services in China, announced today that Mr. Xin Zhou, co-chairman and chief executive officer of the Company, intends to use his personal funds to purchase up to an aggregate of US$10 million of CRIC's American depositary shares ("ADSs") in open market transactions within the next 12 months.
Mr. Zhou said, "My plan to purchase CRIC's ADSs is based on my belief that the Company's shares are presently undervalued. Despite the challenging real estate market conditions, CRIC is on track to deliver strong, consistent growth by leveraging its real estate database and portal and search-based online advertising models to gain market share. I am confident in CRIC's ability to execute its business strategies and continue its solid organic growth while capitalizing on new initiatives, such as the launch of its real estate e-commerce business and extended strategic partnership with Baidu, Inc., to generate long-term value for its shareholders."
The ADS purchases will be made subject to applicable legal restrictions and other factors and in a manner consistent with CRIC's securities trading policies and applicable securities laws.
About CRIC
China Real Estate Information Corporation ("CRIC") (NASDAQ: CRIC) is a leading provider of real estate information, consulting and online services with a presence in over 140 cities across China. CRIC, a subsidiary of E-House (China) Holdings Limited (NYSE: EJ), merged with the online real estate business of SINA Corporation (NASDAQ: SINA) upon the completion of CRIC's initial public offering and listing of its ADSs on the NASDAQ Global Select Market in October 2009. Leveraging its proprietary, advanced and comprehensive real estate information database and analysis system, CRIC provides a broad range of real estate-related services to all participants in the real estate value chain, including developers, suppliers, agents, brokers, service providers and individual consumers. CRIC's services include subscription-based information services, customized consulting services and online services through several real estate websites that provide region-specific real estate information and access to online communities. For more information about CRIC, please visit http://www.cric.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "may," "intend," "confident," "is currently reviewing," "it is possible," "subject to" and similar statements. Among other things, quotations from CRIC's management in this announcement contain forward-looking statements. Statements that are not historical facts, including statements about CRIC's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in the annual reports on Form 20-F and other documents filed with the Securities and Exchange Commission. CRIC undertakes no obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release is as of the date of the press release, and CRIC undertakes no duty to update such information, except as required under applicable law.
For Investor and Media Inquiries:
In China
Penny Pan
Manager, Investor Relations
China Real Estate Information Corporation
Phone: +86 (21) 6086-8111
E-mail: ir@cric.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-6284
E-mail: cric@ogilvy.com
In the U.S.
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1 (646) 460-9989
E-mail: cric@ogilvy.com
