Century 21 China Real Estate Signs Lanzhou Franchise Agreement
BEIJING - April 14, 2014 // PRNewswire-FirstCall // - IFM Investments Limited (NYSE: CTC) ("Century 21 China Real Estate" or the "Company"), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, today announced that it has signed a regional franchise agreement with Gansu Chuanghe Times Investment Co., Ltd. ("Chuanghe Times"), a Lanzhou-based investment firm focused primarily on cultural industries, under which Chuanghe Times will operate a sub-franchising business in Lanzhou, capital of Gansu Province.
Lanzhou, Gansu's largest city, with a population of 3.6 million, will be Century 21 China Real Estate's 24th regional sub-franchise.
"This agreement will give Century 21 China Real Estate a strong foothold in one of China's fastest-growing regions," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Regional sub-franchises have been part of our long-term strategy to maintain a large, cost-effective network footprint throughout China, and we're pleased to be working with Chuanghe Times as we expand our reach further into western China."
Mr. Zhang added, "In the coming quarters, in addition to seeking regional franchise agreements, we will begin signing agreements with franchise stores on an individual basis, as we aim to return to profitability within the year."
About Century 21 China Real Estate
IFM Investments Limited ("Century 21 China Real Estate" or "CTC") is a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China. CTC primarily focuses on China's fast-growing and highly fragmented secondary real estate market, providing company-owned brokerage services, franchise services, mortgage management services, primary services, commercial services, and fund management services. CTC has experienced substantial growth since it commenced operations in 2000, and received numerous awards and recognition as franchisor and real estate services provider for its service quality and business achievements. Century 21 China Real Estate became a public company in January 2010 and its ADSs, each of which represents 45 ordinary shares of CTC, currently trade on the New York Stock Exchange under the symbol "CTC." For more information about CTC, please visit http://www.century21cn.com/english.
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SOURCE Century 21 China Real Estate (IFM Investments Limited)