IFM Investments is a real estate services provider and the exclusive franchisor for the Century 21 brand in China. The company operates in three business segments: company-owned brokerage services, mortgage management services and franchise services.
During the third quarter of 2010, net revenue increased 19% quarter over quarter to $20.7 million, following the expansion of the company's store network. However, year-over-year revenue declined 23% owing to the nationwide slowdown in secondary property transaction volumes.
"Improved transaction volumes and our expanding network reach drove strong performance in the third quarter," said Donald Zhang, chairman and CEO of Century 21 China Real Estate, in a press statement. "While we anticipate that the current policy environment will continue to suppress transaction volumes for the remainder of 2010, we are confident in the fundamental health of China's real estate market and believe that our increasing presence in the key neighborhoods driving growth leave us well-positioned as transaction volumes trend back towards normalized levels."
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