Century 21 China Real Estate Reaches Milestone of Handling RMB500 Million in Property Refinancing Loans
BEIJING - May 29, 2014 // PRNewswire // - 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 reached the milestone of handling a total of RMB500 million in property refinancing loans in May 2014.
As part of its mortgage management services segment, Century 21 China Real Estate began increasing its engagement in property refinancing activities in Beijing and Shanghai in 2013. To date, the Company has achieved a default rate of zero. While Beijing was the main focus of its property refinancing activities in 2013, Century 21 China Real Estate plans to develop this business more aggressively in Shanghai and further expand into Chengdu in 2014.
"Property refinancing has been an important strategic area of focus for us over the past year and we are pleased to have reached this milestone," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Our professional approach to mortgage services, based on financial prudence and a customer-first mentality, has seen us expand our client base significantly. We look forward to continuing to grow this high-margin area of our business in the coming quarters."
In addition to property refinancing activities, Century 21 China Real Estate has provided traditional mortgage advisory services since 2008, cumulatively handling over RMB41 billion in mortgage loans and advising more than 100,000 clients on mortgage loans. The Company's revenue from mortgage management services in fiscal year 2013 reached a record high of RMB36.8 million, with net income reaching RMB10 million before allocation of headquarter expenses. In the first quarter of 2014, the Company recorded revenue of RMB11.5 million from its mortgage management services segment, representing an increase of 43.8% year over 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.
IFM Investments Limited