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Century 21 China Real Estate's Management Discusses Q2 2011 Results - Q&A Transcript

Century 21 China Real Estate (CTC)

Q2 2011 Earnings Conference Call

August 16, 2011 8:00 AM EST

Executives

Josh Gartner – Brunswick Group

Donald Zhang – Chairman of the Board

Harry Lu – Vice Chairman of the Board

Kevin Cheng Wei – CFO

Analysts

Liping Cai – William Blair

Ella Ji – Oppenheimer

Question-and-Answer Session

Operator

(Operator Instructions). Your first question comes from the line of Liping Cai with William Blair. Please proceed.

Liping Cai – William Blair

Hi, good evening. I have a few questions. The first one is regarding your third quarter guidance. Based on what you have guided to it seems like you’re expecting essentially a flat revenue growth from the second quarter to the third quarter, so you’re not expecting any seasonal uptick?

Harry Lu

Usually [ph] the market will have seasonal uptick, but due to the current market environment, I think we probably shouldn’t expect a big jump on transaction widening in cities like Beijing, Shanghai and Tianjin. And also [inaudible] some of the primary project has been delayed to another month or so, so we kind of expect that revenue has to come – come in probably at the last quarter of this year and that’s the reason why we have this forecast here, Liping.

Liping Cai – William Blair

Okay. And so, Harry, you mentioned you don’t expect the market to recover up probably until the second half 2012, so you’re saying the revenue level in the second quarter is something we should model out for the next few quarters?

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