BEIJING, Oct. 29 /PRNewswire-Asia-FirstCall/ -- IFM Investments Limited ("Century 21 China Real Estate", the "Company" or "CTC") (NYSE: CTC), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, today announced it has closed its first real estate fund, with initial commitments of RMB181.1 million. The fund seeks to benefit from China's fast growing real estate sector by providing low loan-to-value ratio financing to selected real estate developers.
''We are very pleased to establish our first fund which will focus on providing real estate financing," said Mr. Donald Zhang, Century 21 China Real Estate's chairman and chief executive officer. ''As one of the leading real estate services providers in China, we are ideally positioned to leverage our experience and nationwide network to capture opportunities in China's real estate industry. We look forward to further building out our range of financial service products for individual and institutional clients."
Major investors in the fund include high net worth investors as limited partners. The Company's investment commitment is RMB6.5 million and it will own a 65% controlling interest in the general partner of the fund. The remaining 25% and 10% equity interests, totaling investment commitments of RMB3.5 million, are beneficially owned by a third party company and Mr. Kevin Yung, executive vice president of the Company. Effective simultaneously with the closing of the fund, Mr. Kevin Yung resigned from the Company's audit committee.
China CITIC Bank, a state-owned commercial bank in China, acted as financial advisor to the Fund.
Safe Harbor: Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the proposed acquisition, anticipated product performance, general business outlook and projected results of operations. These statements are made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. CTC has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. CTC may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission ("SEC"), 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 CTC's beliefs and expectations, are forward-looking statements and are subject to change, and such change may be material and may have a material adverse effect on CTC's financial condition and results of operations for one or more periods. Forward-looking statements involve inherent risks and uncertainties. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect CTC's future financial results are discussed more fully in CTC's filings with the SEC, including CTC's most recent Annual Report on Form 20-F filed with the SEC. Unless otherwise specified, all information provided in this press release and in the attachments is as of the date of this press release, and CTC does not undertake any obligation to update any such information, except as required under applicable law.
About Century 21 China Real Estate
IFM Investments Limited ("Century 21 China Real Estate" or "CTC") is a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China. CTC primarily focuses on China's fast-growing and highly fragmented secondary real estate market, providing company-owned brokerage services, franchise services, mortgage management services, primary and commercial services. CTC has experienced substantial growth since it commenced operations in 2000, and received numerous awards and recognition as franchisor and real estate services provider for its service quality and business achievements. Century 21 China Real Estate became a public company in January 2010 and its ADSs, each of which represents 15 ordinary shares of CTC, currently trade on the New York Stock Exchange under the symbol "CTC." For more information about CTC, please visit http://www.century21cn.com/english .
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SOURCE IFM Investments Limited