E-House Reports Record Sales Performance during October Holiday Period Despite Adverse Market Conditions
October 10 2008 - 8:44AM
PR Newswire (US)
SHANGHAI, China, Oct. 10 /Xinhua-PRNewswire-FirstCall/ -- E-House
(China) Holdings Limited ("E-House" or the "Company") (NYSE:EJ), a
leading real estate services company in China, today reported that
during the last week of September and the first week of October,
which included the National Day holiday period, the Company sold
approximately 800,000 square meters of new properties with a total
transaction value of approximately RMB5.5 billion. This was the
result of many of the Company's major developer clients launching
sales of their projects during this period. E-House expects to
recognize revenues corresponding to the completed sales during the
fourth quarter of 2008. Despite the overall sluggish conditions of
the Chinese real estate industry, such sales performance set an all
time record. During the same holiday period in 2007, E-House sold
approximately 200,000 square meters of new properties with a total
transaction value of approximately RMB1.5 billion. "Our strong
performance during the October holiday period is a reflection of
our expanded market share for primary real estate agency services,"
said Mr. Xin Zhou, E-House's chairman and chief executive officer.
"Our increased project pipeline has enabled us to continue our
growth despite the challenging conditions for the Chinese real
estate market. As developers take pro-active and aggressive
measures to boost sales volumes, our project pipeline is converted
into sales volume and commission revenue. We remain confident in
our ability to execute our strategy and continue to grow our
business." About E-House E-House (China) Holdings Limited
("E-House") (NYSE:EJ) is a leading real estate services company in
China. Since its inception in 2000, E-House has experienced rapid
growth and is China's largest real estate agency and consulting
services company with a presence in more than 30 cities. E-House
provides primary real estate agency services, secondary real estate
brokerage services and real estate consulting and information
services, and has received numerous awards for its innovative and
high-quality services, including "China's Best Company" from the
National Association of Real Estate Brokerage and Appraisal
Companies. E-House believes it has the largest and most
comprehensive real estate database system in China, providing
up-to-date and in-depth information covering residential and
commercial real estate properties in all major regions in China.
For more information about E-House, please visit
http://www.ehousechina.com/ . Safe Harbor: Forward-Looking
Statements This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates," "may," "intend," "is currently
reviewing," "it is possible," "subject to" and similar statements.
Among other things, the Business Outlook section and quotations
from management in this press release, as well as E-House's
strategic and operational plans, contain forward-looking
statements. E-House may also make written or oral forward- looking
statements in its reports with the U.S. Securities and Exchange
Commission on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about E-House's beliefs and expectations, are
forward-looking statements and are subject to change, and such
change may be material and may have a material adverse effect on
the Company's financial condition and results of operations for one
or more prior periods. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained, either
expressly or impliedly, in any of the forward- looking statements
in this press release. Potential risks and uncertainties include,
but are not limited to, continued low real estate transaction
volume in China, government measures aimed at reducing inflation,
limiting bank lending and cooling off China's real estate industry
that may adversely and materially affect E-House's business,
failure of the real estate services industry in China to develop or
mature as quickly as expected, diminution of the value of E-House's
brand or image due to E-House's failure to satisfy customer needs
and/or other reasons, E-House's inability to successfully execute
its strategy of expanding into new geographical markets in China or
its business plans for strategic alliances and other new business
initiatives, E-House's failure to manage its growth, E-House's
reliance on a concentrated number of real estate developers, and
other risks outlined in E-House's filings with the U.S. Securities
and Exchange Commission. All information provided in this press
release and in the attachments is as of the date of this press
release, and E-House does not undertake any obligation to update
any such information, except as required under applicable law. For
investor and media inquiries please contact: In China: Michelle
Yuan E-House (China) Holdings Limited Manager, Investor Relations
Tel: +86-21-5228-3793 Email: Cathy Li Ogilvy Financial, Beijing
Tel: +86-10-8520-6104 Email: In the U.S. Mr. Thomas Smith Ogilvy
Financial, New York Tel: +1-212-880-5269 Email: DATASOURCE: E-House
(China) Holdings Limited CONTACT: In China: Michelle Yuan, Manager,
Investor Relations of E-House (China) Holdings Limited,
+86-21-5228-3793, or ; or Cathy Li of Ogilvy Financial, Beijing,
+86-10-8520-6104, or , or in the U.S., Mr. Thomas Smith of Ogilvy
Financial, New York, +1-212-880-5269, or , both for E-House Web
Site: http://www.ehousechina.com/
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