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

Harry Lu

For secondary market, probably we’re still going to see some chance out to increasing on the store productivity, but the more important I think is the primary part of the business. So I think for the rest of the year, by the time when the project have been kicking, we should be able to see some uptick on the revenue.

Liping Cai – William Blair

Okay. And, yes, I am talking about for the primary and commercial business, how much growth – or as a percentage of total revenue how should we think about it for 2011 and maybe 2012?

Kevin Wei

Well, I mean, we disclosed that we have a pipeline that of which about 290,000 square meters GFA that are currently available for sales and obviously we’ll try to push these through the third quarter as well as the fourth quarter of this year. Unfortunately, we cannot give any specific breakdown guidance on our next quarter revenue. Having said that, I mean in the second quarter we had about RMB10 million. We definitely expect to have a much significant increase in terms of the primary and commercial business revenue and contribution in the third quarter as well as in the fourth quarter.

Liping Cai – William Blair

Okay, that’s helpful. And then lastly for your store closing or temporary store closures, so do you expect to close additional stores in the next couple of quarters? And, if so, do you have a target of how many stores you would like to have in its main cities?

Harry Lu

I think we’ll probably would – should not expect a big amount of a store closure in the follow-on quarter, so we’re probably looking at something around 450 to 470 of a store in operation for the rest of the year.

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