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

Cai Liping – William Blair

Okay, I see. And from your – from CTC’s perspective, are margins similar if you do new home transactions from your store versus secondary property transactions?

Harry Lu

Yeah, it’s pretty similar.

Cai Liping – William Blair

Okay. And then, for 2012, do you see the potential to further lower your store-count from the current level or do you expect to maintain the current 300 something stores?

Harry Lu

At this moment when we look at the market, the whole market developer, we believe our store-count will remain pretty stable.

Cai Liping – William Blair

Okay, all right, all right, thank you.

Operator

Thank you. And your next question comes from the line of Ella Ji, Oppenheimer. Please go ahead.

Ella Ji – Oppenheimer

Hi good evening. A quick follow-up prior question, in terms of the commission expenses that you pay for your sales people are they similar for primary transactions versus secondary?

Harry Lu

At this moment.

Kevin Wei

Sorry Harry, go ahead, go ahead, yeah.

Harry Lu

Yeah. At this moment for the business the commission will collect by provided service to serve new home through our existing secondary network, the commission in our structure is pretty similar.

Ella Ji – Oppenheimer

Okay, great. And also it’s very impressive to see that you have made a good cost to savings in this quarter. So, going forward, will you continue closing underperforming stores or are you pretty much happy with your network at this moment?

Harry Lu

That will really depend on the home market development, but the firm at this moment from where we stand here probably our store-count will be pretty stable right now.

Ella Ji – Oppenheimer

Okay.

Harry Lu

So, yeah, we’re probably going to remain, you know, pretty much in the same level of store-count. Yeah, I mean, for – the numbers were definitely lower than what you see that for the – by the end of last year. Kevin, do we just quote the store-count recently right now?

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