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IFM's CEO Discusses Q2 2012 Results - Earnings Call Transcript

While the market is undoubtedly in the much better place, I do want to make the point, that [perfections] are still a long way away from what we consider to be normal levels for top tier cities like Beijing and Shanghai.

For example, consider that in Beijing and Shanghai volumes in the second quarter were only around half the levels compares to the historical facts. In the near-term at least we don’t anticipate that the policy restrictions will be losing.

We are also hopeful that there will not be any new restrictions as per current regulations are already very comprehensive and are being strictly enforced. We therefore don’t see an urge need for any significant change in the near-term, but we are confident that our current strategy gives us the flexibility to manage any potential impact.

Looking ahead we expect to see healthy transaction volumes over the coming -- over coming months, and we believe that we have the right structure in place to take full advantages of improved market conditions and we’ll manage our business to ensure the maximum productivity.

With that, I will turn the call over to Harry.

Harry Lu

Thank you, Donald. We record a strong set of results in second quarter as market events recovered strongly. Revenue in the quarter grew 53.5% sequentially to RMB200.3 million, which was well above the high end of our guidance.

In particular, we were pleased to return to profitability in this quarter with positive free cash flow. Our strategy for the latest several quarters has been to maintain a leading presence in key neighborhoods, while diversifying revenue streams. This has allowed us not only to maximize business performance during the market toughest periods, but also to take advantage of uptick in activities seen in Q2.

One key factor driving our good performance this quarter was our successful network optimizing -- optimization programs, which has ensured that we have a strong cost effective presence in key neighborhood.

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