BEIJING, June 14 /PRNewswire-Asia-FirstCall/ -- IFM Investments Limited ("Century 21 China Real Estate" or "CTC") (NYSE: CTC), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, today announced that it has signed agreements to acquire 11 real estate brokerage stores in Bao'an district of Shenzhen, China. Upon completion of the acquisitions, CTC will have a total of 56 company-owned brokerage sales offices in Shenzhen.
From the acquisitions, CTC will obtain the rental locations of the 11 stores, associated fixed assets, existing property listings and customer database without any debt obligations. These stores will be operated under the CENTURY 21® brand, and integrated into Century 21 China Real Estate's nationwide network and standardized systems.
"As we continue our expansion strategy in the fast-growing and highly fragmented secondary real estate market, we are happy to add new stores into our network by acquisition opportunities arisen from the current market headwinds in Shenzhen," commented Mr. Donald Zhang, Century 21 China Real Estate's chairman and chief executive officer. "During the recent real estate market slowdown due to a series of government policy measures, we are proactively seeking suitable acquisition targets to secure new locations, enhance our market penetration and improve our existing neighborhood presence, at favorable acquisition cost. By seizing right opportunities in the current market environment, we would be able to better position our future growth when market conditions revive, and thereby maximize CTC's long-term shareholder value."
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 IFM Investments Limited
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. Supported by its information systems and training programs, 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, 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 (Century 21 China Real Estate)