SHANGHAI, China, Sept. 13 /PRNewswire-Asia-FirstCall/ -- E-House (China) Holdings Limited ("E-House" or the "Company") (NYSE: EJ), a leading real estate services company in China, today announced that as a result of new agency contracts signed recently, its project pipeline has exceeded a total of approximately 100 million square meters, of which more than 30 million square meters will be available for sale in 2011.
Separately, E-House announced that it has formed a strategic cooperation agreement with Greentown China Holdings Limited ("Greentown") (SEHK: 3900.HK), one of the leading real estate developers in China. Pursuant to the strategic cooperation agreement, E-House and Greentown will jointly form a new company that will act as the sales agent for Greentown's projects in China. E-House and Greentown will each contribute 50% of the total capital of the new entity, with E-House being the controlling shareholder.
"Building our project pipeline by capitalizing on the downturns and volatilities of the real estate sector in China has been a consistent strategy in recent years," said Mr. Xin Zhou, E-House's executive chairman. "We are very pleased that our efforts to further boost our project pipeline have resulted in a record 100 million square meters of gross floor area that will be made available for sale. Our deep pipeline establishes a solid foundation for our growth in 2011 and beyond."
"Greentown is a leading developer in China with a strong brand and substantial output," Mr. Zhou continued. "Our cooperation agreement with Greentown extends and deepens our strategic cooperation efforts with leading developers in China. It also further demonstrates the market's recognition of E-House's brand, service quality and leadership position in the real estate service industry."
Mr. Gordon Zang, E-House's acting chief executive officer, added, "As we enter into September and October, which are traditionally the seasonal peak period for real estate transactions, we are seeing signs of recovery in transaction volume as a large number of new residential projects enter the market. Although volatilities and risks remain, we are confident that E-House will show improved results in the fourth quarter."
About E-House
E-House (China) Holdings Limited ("E-House") (NYSE: EJ) is China's leading real estate services company with a nationwide network covering more than 80 cities. E-House offers a wide range of services to the real estate industry, including primary sales agency, secondary brokerage, information, consulting, advertising, online and investment management services. The real estate information, consulting, advertising and online services are offered through E-House's majority owned subsidiary, China Real Estate Information Corporation (NASDAQ: CRIC). E-House has received numerous awards for its innovative and high-quality services, including "China's Best Company" from the National Association of Real Estate Brokerage and Appraisal Companies and "China Enterprises with the Best Potential" from Forbes. For more information about E-House, please visit http://www.ehousechina.com .
Safe Harbor: Forward-Looking Statements
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 management in this press release, as well as E-House's strategic and operational plans, contain forward-looking statements. E-House may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, including on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about E-House's beliefs and expectations, are forward-looking statements and are subject to change. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained, either expressly or impliedly, in any of the forward-looking statements in this press release. Potential risks and uncertainties include, but are not limited to, a severe or prolonged downturn in the global economy, E-House's susceptibility to fluctuations in the real estate market of China, government measures aimed at China's real estate industry, failure of the real estate services industry in China to develop or mature as quickly as expected, diminution of the value of E-House's brand or image, E-House's inability to successfully execute its strategy of expanding into new geographical markets in China, E-House's failure to manage its growth effectively and efficiently, E-House's failure to successfully execute the business plans for its strategic alliances and other new business initiatives, E-House's loss of its competitive advantage if it fails to maintain and improve its proprietary CRIC system or to prevent disruptions or failure in the system's performance, E-House's failure to compete successfully, fluctuations in E-House's results of operations and cash flows, E-House's reliance on a concentrated number of real estate developers, natural disasters or outbreaks of health epidemics and other risks outlined in E-House's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of this press release, and
E-House does not undertake any obligation to update any such information, except as required under applicable law.
For investor and media inquiries please contact:
In China
Michelle Yuan
Manager, Investor Relations
E-House (China) Holdings Limited
Phone: +86-21-6133-0770
Email: liyuan@ehousechina.com
Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86-10-8520-6284
Email: Derek.mitchell@ogilvy.com
In the U.S.
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
