IFM Investments Limited does not undertake any obligation to publicly update any forward-looking, whether as a result of new information, future events or otherwise, except as required by applicable law.

For those of you unable to listen to the entire call at this time, a recording will be available via webcast until August 23rd on our corporate website at www.century21cn.com/english.

At this point, I would like to turn the call over to Mr. Donald Zhang.

Donald Zhang

Thank you. Good day to everyone and thanks for joining us for today’s call. We are very pleased to report a strong performance in the second quarter. Market conditions improved significantly and we return to profitability on the back of very strong sequential revenue growth of 53.5%.

As you know, since last year we have been focusing or optimizing our sales network, while diversifying our revenue base to protect us from market fluctuation. Our encouraging results for the quarter illustrate how this strategy is working and is allowing us to capitalize our clear and sustain market recovery.

Across all of the major markets transaction volumes in the second quarter rose to higher level than we have seen for the last several quarters. There have been no significant changes to policy in the past quarter. The secondary market has been particularly strong, which is obviously good news for CENTURY 21 China.

Overall, we believe that buyer’s confidence is increasing and there is strong potential for continued growth across the secondary and the primary markets. However, we did see a slight decline in the primary sales in July and into August, as developers become less aggressive in providing discounts. The latest figures for August show a similar pattern in the secondary market, but we did not -- we do not think this is reflective for long-term trend.

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