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IFM Investments' (Century 21 China Real Estate) CEO Discusses Q4 2011 Results - Q&A Session Transcript

IFM Investments Ltd. (CTC)

Q4 2011 Earnings Call

March 15, 2012 8:00 AM ET

Executives

Donald Zhang – Co-founder, Chairman and CEO

Harry Lu – Co-founder, Vice Chairman and President

Kevin Wei – CFO

Analysts

Cai Liping – William Blair

Ella Ji – Oppenheimer

Presentation

[Prepared Remarks]

Question-and-Answer Session

Operator

(Operator Instructions). The first question comes from the line of Cai Liping from William Blair. Please go ahead.

Cai Liping – William Blair

Hi good evening everyone. The first question is regarding the pricing change you are seeing for secondary properties. Are you seeing our service are being more willing to lower price and is that a main reason more transactions you are seeing following the Chinese New Year?

Harry Lu

Actually what we see, you know, the data we show actually is for the end of last year. But right after the Chinese New Year – but right now after the Chinese New Year we’ve just seen our transaction volume actually pick up and you know, because you know, the price is still remain in a relatively low level.

But at this stage we don’t see that further down of the price at least for in our recent period. You know see that the price is also being stabilized at this moment. That’s for secondary market. But we’ve just seen some of the developers are pretty lower price tag, try to, you know attract more buyers to sell the party. But in secondary, the transaction volume pick up and the price has been stable for a while.

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