Canadian Tire Co (NYSE:CTC)

IFM INVESTMENTS LIMITED

Consolidated Statements of Operations for the years ended December 31, 2012, 2013 and 2014

(in thousands, except per share and per ADS data)

Management Discussion and Analysis

Net revenues

Our net revenues decreased by RMB342.9 million, or 39.1%, from RMB877.5 million for the year ended December 31, 2013 to RMB534.6 million (US$86.2 million) for the year ended December 31, 2014. This decrease was a result of lower revenue from company-owned brokerage services and primary and commercial services in 2014, due to the nationwide reduction in transaction volumes in the secondary and primary property markets in China.

Net loss  

As a result of the foregoing, we had a net loss of RMB109.4 million (US$17.6 million) for the year ended December 31, 2014, as compared to a net loss of RMB85.9 million for the year ended December 31, 2013.

BEIJING, January 3, 2015 /PRNewswire/ -- IFM Investments Limited (the "Company") (NYSE: CTC) announced today that the staff of NYSE Regulation, Inc. ("NYSE Regulation") has notified the Company that NYSE Regulation has determined to commence proceedings to delist the Company's American Depository Shares (the "ADSs") from the New York Stock Exchange (the "NYSE") on the grounds that the Company has fallen below the NYSE's continued listing standard set forth in Section 802.01B of the NYSE Listed Company Manual, which requires the Company to maintain an average global market capitalization of not less than $15 million over a consecutive 30-trading day period.

Trading in the Company's ADSs on the NYSE has been suspended immediately after the market close on January 2, 2015. The Company is in the process of applying for quotation of its ADSs on the OTCQX over-the-counter marketplace. In the meantime, trading of the ADSs may continue to occur on the OTC Pink market.

Mr. Donald Zhang, chairman and chief executive officer of the Company, commented, "The delisting will not deter us from continuing to strive to achieve our Company's goals. We are determined to grow our business by capitalizing on the significant opportunities in China's real estate services industry. We will continue to strengthen our real estate brokerage and other business in China, and will continue to pursue value for our shareholders and uphold corporate governance standards as a public company."

BEIJING, December 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 has instituted a new incentive program for sales management personnel in its company-owned brokerage network. Under the arrangement, which is part of the Company's ongoing efforts to maximize per-store productivity and profitability, sales management personnel will be remunerated in accordance with their bottom-line rather than their top-line performance.

"This arrangement will be instrumental in helping us transition into a more asset-light business model and will improve our ability to control costs," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "It better aligns the interests of the Company and our sales management personnel in maximizing profitability, while creating a more equitable distribution of risk and reward. Following several quarters of optimization, we are confident our network is not only an appropriate size for the current market, but also comprises the best-run stores. Our sales management personnel, especially store managers, have played a vital role in optimizing network efficiency, and we are confident this arrangement will provide an incentive to maintain a solid bottom-line performance in the year ahead."

BEIJING, December 22, 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 has signed two memorandums of understanding, with Yinhu.com, an online financing platform funded by Panda Fireworks Group, and Yooli.com, a leading money-management services provider, respectively, to provide online financial services in China.

"We're delighted to have developed these two partnerships, which we're confident will play a big role in the development of our mortgage credit loans business," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Both Yinhu.com and Youli.com recognize not just our expertise within the broader real estate sector, but also our unrivaled ability to connect creditors with a growing network of asset-backed mortgage borrowers. We're excited to share in both companies' growth."

BEIJING, December 18, 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 has reached the milestone of handling a cumulative total of RMB800 million in property refinancing loans.

This follows the Company's announcement in May 2014 that it had handled a cumulative total of RMB500 million in property refinancing loans.

"We continue to make encouraging progress in property refinancing loans which, along with our broader mortgage management services business, are an important pillar of our strategy to increase profitability," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "We've gained strong momentum in the latter half of this year, particularly in Shanghai and Chengdu, and we plan to expand our loan offering into more cities in 2015. We expect revenue growth from this segment to continue to accelerate in the coming quarters."

The Company's total revenue from mortgage management services reached RMB16.4 million in the third quarter of 2014, representing a record year-over-year increase of 69.1% and a record sequential increase of 31.2%.

Third Quarter 2014 Financial Results

• Consolidated net revenue was RMB126.5 million (US$20.6 million), an increase of 3.2% from RMB122.6 million in the second quarter of 2014, and a decrease of 37.7% from RMB202.9 million in the third quarter of 2013.
• Non-GAAP basic and diluted net loss per ADS were RMB1.68 (US$0.27) and RMB1.68 (US$0.27), respectively. Each of the Company's ADSs represents 45 Class A ordinary shares.

"Our company-owned brokerage business continued to be affected by challenging market conditions in the third quarter, but we were pleased by the solid growth of our financial services segment," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "While long-term visibility remains relatively poor, we do expect a slight uptick in the market during the fourth quarter. Given these conditions, our focus remains on minimizing our cost base and expanding higher-margin areas of our business."

Mr. Harry Lu, vice chairman and president, added, "Revenue increased slightly on a sequential basis in the third quarter, coming in ahead of expectations. However, with the overall brokerage market remaining relatively weak, we continued to manage our brokerage network in a disciplined way while further developing our mortgage management business. The result was a significant improvement in both cash flow and bottom-line performance. The efforts we've made over the past several quarters position our business to be more efficient and more profitable in the long term."

Business Outlook

The Company currently estimates that its total net revenue for the fourth quarter of 2014 will be in the range of RMB120 million to RMB130 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

BEIJING, October 7, 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 has entered into strategic cooperation agreements with SouFun Holdings Limited (NYSE: SFUN) "SouFun"), the leading real estate Internet platform in China.

Pursuant to the strategic cooperation agreements: 1) Century 21 China and SouFun will form a mutually preferred strategic partnership across their business lines, including advertising, e-commerce, listings services, internet and real estate financing, and secondary and primary brokerage services; 2) Century 21 China Real Estate will issue new shares to SouFun in a private placement for 20% of the Company's outstanding share capital immediately after the completion of the private placement; 3) Century 21 China will issue a convertible bond to SouFun to support the Company's operational needs and SouFun will also grant a loan to the Company's founders via IFM Overseas Partners L.P. to refinance an earlier loan borrowed from GL Asia Mauritius II Cayman Ltd.. The aggregate consideration from SouFun for this strategic cooperation amounts to approximately US$51 million. Upon the closing of the transaction, SouFun will be the second-largest shareholder of the Company on a fully diluted basis. The closing of the transaction is subject to the customary closing conditions for transactions of this type.

"These agreements with China's preeminent online real estate player are a major step forward for Century 21 China Real Estate as we look to shape our business for the future," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "By combining our unrivaled on-the-ground knowledge with SouFun's well-established platform, we will be uniquely positioned to offer today's buyers and sellers a truly integrated O2O experience. SouFun's online strength will facilitate the upgrading of our franchise model, equipping our agents with better tools and systems to provide more integrated services to our customers, and allowing us to further expand the Century 21 China Real Estate franchise network."

BEIJING, September 10, 2014 /PRNewswire/ -- IFM Investments Limited (NYSE: CTC) ("Century 21 China Real Estate"), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21® brand in China, today announced that its subsidiary Shanggu has begun displaying property inventory on Alibaba Group's Taobao.com, China's leading B2C e-commerce platform

In addition to standard inventory listings, Shanggu will hold online property auctions in cooperation with leading property consulting company Fangpaipai, providing buyers with a flexible, safe and authentic platform to search for their ideal property.

"Shanggu's expansion onto Taobao is a big step forward for Century 21 China Real Estate's growing O2O offering," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "With its deep market knowledge, we look forward to Shanggu helping more buyers find the right property more quickly and efficiently, while giving developers another platform to promote their brands and reach more customers."

Second Quarter 2014 Unaudited Financial Results

• Net revenue was RMB122.6 million (US$19.8 million), a decrease of 9.1% from the first quarter of 2014, and a decrease of 42.2% from the second quarter of 2013.
• Non-GAAP basic and diluted net loss per ADS were RMB2.61 (US$0.42) and RMB2.61 (US$0.42), respectively vs. last years quarter of RMB1.59 or  US$0.26.

"Market conditions were more challenging than we had expected in the second quarter, with transaction volumes stuck at very low levels," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "In response, we made additional store closures that, while affecting our second-quarter performance, should soften any longer-term impact."

Mr. Harry Lu, vice chairman and president, added, "We remain committed to developing higher-margin areas of our business, such as mortgage management services and our franchise network, that are less sensitive to fluctuations in overall market transaction volumes. As part of this, we are looking at opportunities to develop unique O2O partnerships with P2P lending platforms. The agreement recently signed with Dianrong.com, the 'Lending Club of China,' is a good example of this. Combined with our continued efforts to improve the efficiency of our core business, we're hopeful this strategy will lead to a gradual recovery in our bottom-line performance through the rest of the year."

Business Outlook

The Company currently estimates that its total net revenue for the third quarter of 2014 will be in the range of RMB100 million to RMB110 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

BEIJING, August 5, 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 the New York Stock Exchange, Inc. ("NYSE") has accepted the company's plan ("Plan") for continued listing on the NYSE.

As previously disclosed, Century 21 China Real Estate received notification from the NYSE on March 12, 2014, that the Company had fallen below the NYSE's continued listing criteria requiring that it maintain an average global market capitalization of at least US$50 million over a consecutive 30 trading-day period or total shareholders' equity of US$50 million. As a result of the NYSE's acceptance of the Plan, the Company's American depositary shares representing its ordinary shares will continue to be listed subject to quarterly reviews by the NYSE to ensure the Company's progress toward its plan to regain compliance with the continued listing standards. The Company has 18 months from the original notification date to regain compliance with the average global market capitalization standard or the minimum shareholders' equity standard, subject to its compliance with the NYSE's other continued listing requirements.

BEIJING, July 21, 2014 /PRNewswire/ -- IFM Investments Limited (NYSE: CTC) ("Century 21 China Real Estate"), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21 brand in China, today marketplace often referred to as the "Lending Club of China," under which the two parties will provide online financial services in China.

"This agreement is an important step in Century 21 China Real Estate's ongoing efforts to build out our mortgage announced that it has signed a memorandum of understanding with Dianrong.com, aShanghai-based online credit credit loans business," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "As one of the most influential and trusted financial services platforms in China, Dianrong.com will improve our access to the growing pool of online cash investors. Our ability to connect these creditors with Century 21 China Real Estate's network of asset-backed mortgage borrowers will add value for both partners and our clients."

"Century 21 China Real Estate's leadership in China's primary and secondary real estate markets puts them in an ideal position to connect us with property owners who are looking for more innovative mortgage solutions," said Soul Htite, chief executive officer of Dianrong.com, co-founder and former Head of Technology at Lending Club. "We look forward to deepening our cooperation."

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 inChina, today announced that it reached the milestone of handling a total of RMB500 million in property refinancing loans in May2014.

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 Beijingwas 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.

BEIJING, April 16, 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 inChina, today announced that it is collaborating with The South China Morning Post, Hong Kong's leading English-language newspaper, to launch the SCMP-CTC Index, a leading price index for secondary homes in Beijing and Shanghai.

Based on the hedonic pricing method, the SCMP-CTC Index is designed to provide investors, sellers and buyers with credible and detailed data that reflect seller sentiment around pricing trends. Beginning in April 2014, The South China Morning Post will use the Index on a monthly basis to supplement its analysis of the Chinese real estate market.

"We are delighted to be working with The South China Morning Post on this index, which we believe provides investors, buyers and sellers with a valuable snapshot of market sentiment and activity," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "As one of China's leading primary and secondary real estate brokerages over more than a decade, Century 21 China Real Estate offers a unique perspective on China's fast-moving real estate market, and we're pleased to be able to share it with their readers."

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 24^th 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."

BEIJING, April 12, 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 received a notice from the New York Stock Exchange, Inc. ("NYSE") that it is not in compliance with one of the continued listing standards of the NYSE. The Company is considered below the NYSE's continued listing criteria because its total market capitalization has been less than $50 million over a 30-trading-day period and its stockholders' equity is less than $50 million.

The Company has notified the NYSE that it plans to submit a business plan (the "Plan") within 90 days from the receipt of the NYSE notice that demonstrates its ability to regain compliance with the NYSE's continued listing standards within 18 months. In the event that the NYSE accepts the Plan, the Company will be subject to quarterly monitoring for compliance with the Plan and the Company's ADSs will continue to be listed and traded on the NYSE during such 18-month cure period subject to its compliance with other NYSE continued listing standards. In the event that the NYSE does not accept the Plan, the Company will be subject to suspension and delisting procedures. The Company will continue to communicate with the NYSE to keep it apprised of the Company's plans to achieve compliance and progress in that regard.

The Company's business operations and SEC reporting requirements are not affected by the receipt of the aforementioned notice from the NYSE.

Fourth Quarter 2013 Financial Results

• The Company's consolidated net revenue in the fourth quarter of 2013 was RMB203.1 million (US$33.5 million), almost equal to RMB202.9 million in the third quarter of 2013, and a decrease of 10.4% from RMB226.8 million in the fourth quarter of 2012.
• Non-GAAP basic and diluted net loss per ADS in the fourth quarter of 2013 were RMB2.52 (US$0.42) and RMB2.52 (US$0.42), respectively

"In the fourth quarter, we accelerated our efforts to streamline our company-owned brokerage network in response to a weaker-than-expected market environment, particularly in Beijing," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "While this impacted our financial performance for the quarter, we ended the year with a leaner, more optimized network that leverages our strength in key neighborhoods. With solid positions across the secondary and primary segments, as well as in higher-margin areas such as mortgage management services, we are confident our top- and bottom-line performance will improve in 2014."

Mr. Harry Lu, vice chairman and president, added, "While our fourth-quarter performance came in somewhat below expectations, our intensified efforts during the quarter mean the majority of the restructuring work needed to optimize our network is now behind us. In 2014, we will focus on achieving full-year profitability, as we continue to strengthen the synergies among our business segments while maximizing operational efficiency. We remain confident in our long-term strategy and the long-term outlook for the market."

Business Outlook

The Company currently estimates that its total net revenue for the first quarter of 2014 will be in the range of RMB140 million to RMB150 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

Third Quarter 2013 Financial Results

• Consolidated net revenue in the third quarter of 2013 was RMB202.9 million (US$33.2 million), a decrease of 4.3% from the second quarter of 2013, and an increase of 6.5% from the third quarter of 2012.
•  Non-GAAP basic net loss per ADS and non-GAAP diluted net loss per ADS in the third quarter of 2013 were RMB1.21 (US$0.20) and RMB1.21 (US$0.20), respectively. Each of the Company's ADSs represents 45 Class A ordinary shares.

"Throughout the third quarter, we streamlined our company-owned brokerage network, focusing on neighborhoods where Century 21 China Real Estate has a significant competitive advantage," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Combined with several project delays in our primary brokerage business, our network optimization caused revenue for the quarter to be lower than we expected."

Mr. Harry Lu, vice chairman and president, added, "Our core business continues to perform solidly as we work to optimize Century 21 China Real Estate's network for growth. While this may place some pressure on our results in the near term, we are confident that by focusing on our best-performing stores in key neighborhoods, we are allocating our resources in the most efficient way possible for future profitable growth."

Business Outlook

The Company currently estimates that its total net revenue for the fourth quarter of 2013 will be in the range of RMB 210 million to RMB 220 million. This forecast reflects the Company's current and preliminary view, which is subject to cha

BEIJING, November 11, 2013 /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 the appointment of Mr. Steve Ye as the Company's new chief financial officer, effective November 11, 2013.

Before joining Century 21 China Real Estate, Mr. Ye served as chief financial officer of Tiger Media (NYSE MKT: IDI), a nationwide leading multi platform media company. Prior to joining Tiger Media, Mr. Ye worked at Suntech (NYSE: STP), one of the world's largest producers of solar panels, as finance director. Prior to that, Mr. Ye served as chief financial officer for Solar Entertech and took various financial leadership roles at Wells Fargo, General Electric and ABN AMRO Bank. Mr. Ye possesses an undergraduate degree from Shanghai International Studies University with a major in International Accounting and a Master of Business Administration from University of Rochester, Simon Business School. Mr. Ye is both a Certified Public Accountant in the U.S. and a Certified Financial Analyst.

"We are delighted to welcome Steve as our new CFO," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Steve brings with him extensive financial experience with overseas-listed Chinese companies, and we are confident he will make an important contribution as we position the company for future growth."

Second Quarter 2013 Financial Results

• Consolidated net revenue in the second quarter of 2013 was RMB212.1million (US$34.6million), a decrease of 18.2% from the first quarter of 2013, and an increase of 5.9% from the second quarter of 2012.
• Basic net loss per American depositary share ("ADS") and diluted net loss per ADS in the second quarter of 2013 were RMB2.22 (US$0.36) and RMB2.22 (US$0.36), respectively. Non-GAAP basic net loss per ADS and non-GAAP diluted net loss per ADS in the second quarter of 2013 were RMB2.33 (US$0.38) and RMB2.33 (US$0.38), respectively. Each of the Company's ADSs represents 45 Class A ordinary shares.

"In the second quarter, new capital gains tax regulations severely impacted secondary transaction volumes inBeijing, resulting in lower-than-anticipated revenue," said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "We anticipate a gradual increase in transaction volumes over the coming months, and remain confident in the long-term outlook for the secondary market."

Mr. Harry Lu, vice chairman and president, added, "While the difficult secondary market environment adversely affected our results in the second quarter, our Shanggu primary segment posted yet another quarter of record revenue, benefiting from a strong pipeline. With diverse revenue streams and a flexible network, we are confident that Century 21 China Real Estate is well positioned to benefit as the secondary market normalizes."

Century 21 China Real Estate today also announced that Chief Financial Officer Kevin Wei has resigned, effective within two months, and will remain on the Company's board of directors.

The Company has appointed Ms. Lulu Li as acting chief financial officer from the effective date of Mr. Wei's resignation until it identifies a permanent replacement. Ms. Lulu Li joined Century 21 China Real Estate in 2000, and has served as board secretary since 2007, and vice president since 2010. She holds an MBA degree from Beijing International MBA at Beijing University.

Mr. Zhang said, "I would like to thank Kevin for his years of valuable service and look forward to his continuing contributions as a member of Century 21 China Real Estate's board of directors."

Business Outlook

The Company currently estimates that its total net revenue for the third quarter of 2013 will be in the range ofRMB220 million to RMB230 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

First Quarter 2013 Financial Results

• Net revenue in the first quarter of 2013 was a record high of RMB259.3 million (US$41.8 million), an increase of 14.3% from the fourth quarter of 2012, and an increase of 98.7% from the first quarter of 2012.
• Revenue from company-owned brokerage services in the first quarter of 2013 was RMB215.0 million(US$34.6 million), an increase of 25.9% from the fourth quarter of 2012, and an increase of 86.8% from the first quarter of 2012.
• Net income in the first quarter of 2013 was RMB7.7 million (US$1.2 million), an increase of 267% fromRMB2.1 million in the fourth quarter of 2012. This also compared to a net loss of RMB47.4 million in the first quarter of 2012.
• Net income attributable to IFM Investments Limited in the first quarter of 2013 was RMB5.4 million (US$0.9 million) compared to a net loss attributable to IFM Investments Limited of RMB1.4 million in the fourth quarter of 2012, and a net loss attributable to IFM Investments Limited of RMB45.9 million in the first quarter of 2012.
• Basic net income per American depositary share ("ADS") and diluted net income per ADS in the first quarter of 2013 were RMB0.36 (US$0.06) and RMB0.35 (US$0.06), respectively. Non-GAAP basic net income per ADS and non-GAAP diluted net income per ADS in the first quarter of 2013 were RMB0.37 (US$0.06) and RMB0.36(US$0.06), respectively. Each of the Company's ADSs represents 45 Class A ordinary shares.

"We posted record revenues for a second consecutive quarter as buyers in Beijing and Shanghai rushed to close transactions in anticipation of an enforcement of capital gains tax regulations in April," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "While this latest policy change may result in lower-than-normal volumes for the next several months, with underlying demand still strong and varying levels of implementation among different localities, we expect market activity in first-tier cities to recover to more normal levels in the second half of this year."

Mr. Harry Lu, vice chairman and president, added, "The flexibility of Century 21 China Real Estate's network allowed us to adjust quickly to benefit from the uptick in both secondary and primary transaction volumes at the end of the quarter. We achieved a fourth consecutive quarter of positive operating cash flow, as net income more than tripled sequentially. Our other business segments also continued to perform well, with our primary brokerage segment benefiting from strong demand in the commercial properties. Looking forward, we will continue to expand our company-owned brokerage network, explore opportunities to add to our franchise network, and further develop our portfolio of complementary businesses to ensure sustainable growth."

Business Outlook

The Company currently estimates that its total net revenue for the second quarter of 2013 will be in the range ofRMB230 million to RMB245 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

Fourth Quarter 2012 Results

• Net revenue in the fourth quarter of 2012 reached a record high of RMB226.8 million(US$36.4 million), an increase of 19.0% from RMB190.6 million in the third quarter of 2012, and an increase of 59.4% from RMB142.3 million in the fourth quarter of 2011.
• Net income in the fourth quarter of 2012 was RMB2.1 million (US$0.3 million), compared to a net loss of RMB7.1 million in the third quarter of 2012, and a net loss of RMB80.1 million in the fourth quarter of 2011.
• Non-GAAP basic and diluted net loss per ADS in the fourth quarter of 2012 was RMB0.07 (US$0.01) vs. a loss of (US$0.76)

"We are encouraged to have posted another solid set of financial results to end the year," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Throughout 2012 we focused on strengthening the synergies between our diversified business segments, exploring revenue sources that are more insulated from regulatory risk, and maximizing operational efficiency. This strategy helped drive record full-year revenues and positive operating cash flow for three consecutive quarters through the latter part of the year. In the fourth quarter, both our secondary and primary segments performed strongly, with net revenue growing 19% sequentially and net income reaching RMB2.1 million."

Mr. Harry Lu, vice chairman and president, added, "While the recent policy enforcement announced by the government may cause market volatility in the near future, we will continue to deploy resources across our various segments to mitigate regulatory risk.

"Our primary agency segment enters 2013 with a strong pipeline, and we expect this business unit to generate solid revenue for the full year," Mr. Lu continued. "Our franchise network should play an increasingly important role in 2013 and beyond, allowing us to increase our footprint with minimal financial risk, and we expect our online capability will increasingly be a key driver of sales efficiency. We're confident Century 21 China Real Estate has the right combination of complementary businesses to generate sustainable growth in the years ahead."

Business Outlook

The Company currently estimates that its total net revenue for the first quarter of 2013 will be in the range of RMB 195 million to RMB 205 million. 

Second Quarter 2012 Highlights

• Consolidated net revenue in the second quarter of 2012 was RMB200.3 million (US$31.5million), an increase of 53.5% from the first quarter of 2012, an increase of 18.9% from the second quarter of 2011, and 19% above the top end of the Company's previously provided revenue guidance.
• Revenue from the company-owned brokerage services segment in the second quarter of 2012 was RMB173.5 million (US$27.3 million), an increase of 50.7% from the first quarter of 2012, and an increase of 23.3% from the second quarter of 2011.
• Net income in the second quarter of 2012 was RMB2.3 million (US$0.4 million), compared to a net loss of RMB47.4 million in the first quarter of 2012 and a net loss of RMB81.4 million in the second quarter of 2011.
• Net income attributable to IFM Investments Limited in the second quarter of 2012 was RMB0.8 million (US$0.1 million), compared to a net loss of RMB45.9 million in the first quarter of 2012 and a net loss of RMB80.4 million in the second quarter of 2011.
• Non-GAAP[2] net income attributable to IFM Investments Limited in the second quarter of 2012 was RMB1.6 million (US$0.3million), compared to a Non-GAAP net loss of RMB45.5 million in the first quarter of 2012 and a Non-GAAP net loss of RMB79.6 million in the second quarter of 2011.
• Non-GAAP EPS was $0.02 vs a loss of $0.85 in prior year quarter.

"We are pleased to return to profitability in the second quarter, with improving buyer sentiment in China's real estate market driving strong growth," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Many buyers now believe that the real estate market has bottomed and are choosing to re-enter the market. As a result, we saw a sustained recovery in secondary transaction volumes in the second quarter, which rose sequentially by 85.9% in Beijing and 61.9% in Shanghai. Primary transactions also showed a healthy upward trend, with volumes growing 70.1% and 64.1%, in Beijing and Shanghai, respectively. Our strategy throughout the recent downturn of optimizing our network to maintain a strong presence in key neighborhoods has ensured that we were well-positioned to benefit from the increasing purchasing activity in both segments. While we don't anticipate any loosening of policy restrictions in the near term, we are confident that buyer sentiment will remain healthy for the rest of the year."

Mr. Harry Lu, vice chairman and president, added: "Our encouraging performance in the second quarter reflects the success of our efforts to diversify our revenue streams and optimize our network. Our strong position across the primary and secondary segments and an increase in buying activity in key neighborhoods produced sequential revenue growth of 53.5% this quarter. Primary home sales accounted for 32.9% of net revenue from our company-owned brokerage services segment in the quarter, which contributed to a significant improvement in per-store productivity. By enhancing operating efficiency across our store network we recorded unaudited net income of RMB2.3 million, and achieved positive operating cash flow for the first time since 2010. With market conditions improving, we are actively exploring opportunities to expand our franchise network to ensure we have the coverage we need in key neighborhoods while minimizing risks and costs. We are also carefully considering opportunities for organic growth within our company-owned network. We are confident we have the right strategy in place to deliver consistently strong results in the coming quarters."

Business Outlook

The Company currently estimates that its total net revenue for the third quarter of 2012 will be in the range of RMB196 million to RMB206 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

BEIJING, June 8, 2012 /PRNewswire-Asia-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 the Company and the Company's founders have completed the settlement with GL Asia Mauritius II Cayman Ltd. ("GLA") previously announced on April 30, 2011. The parties have jointly withdrawn or terminated all outstanding proceedings against the Company, including the petition to request an order to wind up the Company and other remedies filed by GLA on December 30, 2011, in the Grand Court of the Cayman Islands.

This settlement does not change the respective shareholding in the Company of the Company's founders and GLA. As of June 8, 2012, the latest practicable date, the Company's founders are the largest beneficial owners of the Company with approximately 40.5% of the Company's shares.

First Quarter 2012 Highlights

• Consolidated net revenue in the first quarter of 2012 was RMB130.5 million (US$20.7 million), a decrease of 8.3% from the fourth quarter of 2011, and a decrease of 5.0% from the first quarter of 2011.
• Revenue from company-owned brokerage services in the first quarter of 2012 was RMB115.1 million(US$18.3 million), a decrease of 2.1% from the fourth quarter of 2011, and a decrease of 3.6% from the first quarter of 2011.
• Net loss attributable to IFM Investments Limited in the first quarter of 2012 was RMB45.9 million (US$7.3 million), a decrease of 41.8% from the fourth quarter of 2011, and a decrease of 46.4% from the first quarter of 2011.
• Non-GAAP(2) net loss attributable to IFM Investments Limited in the first quarter of 2012 was RMB45.5 million (US$7.2 million), a decrease in net loss of 38.0% from the fourth quarter of 2011, and a decrease in net loss of 46.1% from the first quarter of 2011.

"We recorded a much improved bottom line performance in the first quarter, driven by topline growth above the high end of our guidance and the continued effectiveness of our prudent cost management strategy," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "Revenue growth toward the end of the quarter was buoyed by a rebound in secondary property market transaction volumes in March, following the expected seasonal decline around the Chinese New Year in late January. Reflecting the strong underlying demand for housing, more prospective buyers are choosing to re-enter the property market, and since March we have seen more stable trends in existing home prices and transaction volumes. This has enabled us to achieve a relatively healthy financial performance despite a slowdown in activity in the primary market in the first quarter, as developers chose to hold stock rather than cut prices."

Mr. Harry Lu, vice chairman and president, added: "While we have seen an encouraging improvement in transaction volumes in the secondary market, we do not foresee any change in policy restrictions in the near term which should continue to temper market growth. Nevertheless, we believe that the breadth and scale of our current store network is well suited to the current market environment, and our focus now is on optimizing performance across the network. To that end in the first quarter, we began to roll out a new proprietary software platform, SIS Plus, that will further centralize and integrate our listings management, customer relationship management and employee management functions. This will be an important tool as we look to maximize efficiency and take advantage of our market leadership in key neighborhoods."

Business Outlook

The Company currently estimates that its total net revenue for the second quarter of 2012 will be in the range of RMB158 million to RMB168 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

BEIJING, April 30, 2012 /PRNewswire-Asia-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, following amicable negotiations, the Company and the Company's founders have signed an agreement with GL Asia Mauritius II Cayman Ltd. ("GLA") to settle certain legal proceedings, including the petition to request an order to wind up the Company and other remedies filed by GLA on December 30, 2011, in the Grand Court of the Cayman Islands.

Under the terms of this agreement, GLA has agreed to withdraw all outstanding proceedings against the Company upon the consummation of the transactions contemplated under the agreement. In addition, this agreement does not change the respective shareholding in the Company of the Company's founders and GLA. As of April 18, 2012, the latest practicable date, the Company's founders are the largest beneficial owners of the Company with approximately 40.5% of the Company's shares.

Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate, commented, "We are pleased to reach an amicable agreement with GLA on this issue. The resolution ensures that our management team's time and energy is fully devoted to achieving our long term operational and business goals."

Fourth Quarter 2011 Results

• Consolidated net revenue in the fourth quarter of 2011 was RMB142.3 million (US$22.6 million), a decrease of 9.1% from the third quarter of 2011, and a decrease of 16.2% from the fourth quarter of 2010.
• Consolidated net revenue in fiscal year 2011 was RMB604.6 million (US$96.1 million), an increase of 13.9% from fiscal year 2010.
• Revenue from company-owned brokerage services in the fourth quarter of 2011 was RMB117.6 million (US$18.7 million), a decrease of 13.3% from the third quarter of 2011, and a decrease of 23.6% from the fourth quarter of 2010.
• Revenue from company-owned brokerage services in fiscal year 2011 was RMB513.4 million (US$81.6 million), an increase of 6.4% from fiscal year 2010.
• Net loss attributable to IFM Investments Limited for the fourth quarter of 2011 was RMB78.8 million (US$12.5 million), a decrease of 14.1% from the third quarter of 2011, and an increase of 72.8% from the fourth quarter of 2010. Excluding store closure-related costs of approximately RMB11.4 million (US$1.8 million), net loss attributable to IFM Investments Limited in the fourth quarter of 2011 would be RMB67.4 million (US$10.7 million).
• Net loss attributable to IFM Investments Limited for fiscal year 2011 was RMB336.5 million (US$53.5 million), an increase of 107.5% from fiscal year 2010. Excluding store closure-related costs of approximately RMB34.3 million (US$5.4 million), net loss attributable to IFM Investments Limited for fiscal year 2011 would be RMB302.2 million (US$48.0 million).
• Non-GAAP(2) net loss attributable to IFM Investments Limited for the fourth quarter of 2011 was RMB73.4 million (US$11.7 million), a decrease in net loss of 19.3% from the third quarter of 2011, and an increase in net loss of 70.3% from the fourth quarter of 2010.
• Non-GAAP net loss attributable to IFM Investments Limited for fiscal year 2011 was RMB328.4 million (US$52.2 million), an increase of 125.9% from fiscal year 2010. Net loss per share ($0.26) vs ($0.14) in prior year

"With fourth quarter transaction volumes stabilizing sequentially, albeit at suppressed levels, our disciplined approach to diversifying our revenue base combined with our cost reduction initiatives drove improved bottom line performance," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "We continued to quickly gain traction in primary sales, with sales of new homes through our company-owned store network accounting for 50% of revenue from our company-owned brokerage services in the fourth quarter. We also focused on optimizing our store network by concentrating our efforts on the most profitable locations. We are encouraged to note that, despite challenging market conditions, total consolidated revenues for fiscal year 2011 increased by 13.9%."

Mr. Harry Lu, vice chairman and president, added: "Although we do not expect government regulations on property sales to be relaxed in the near term, we have seen some improvement in transaction volumes in Beijing, Shanghai and Shenzhen after the Chinese New Year holiday in late January. While this is encouraging, near-term visibility remains limited. In the coming quarters we will retain our strategic focus on diversifying our revenue streams, reducing costs and ensuring our resources are utilized efficiently. The competitive advantage of our strong store network in key neighborhoods is becoming more apparent than ever, and we are confident that our strategy positions us very competitively when the market recovers."

Business Outlook

The Company currently estimates that its total net revenue for the first quarter of 2012 will be in the range of RMB 110 million to RMB 119 million.

Third Quarter 2011 Results

• Consolidated net revenue in the third quarter of 2011 was RMB156.5 million (US$24.5 million), a decrease of 7.1% from the second quarter of 2011, and an increase of 13.2% from the third quarter of 2010.
• Non-GAAP net loss attributable to IFM Investments Limited for the third quarter of 2011 was RMB91.0 million (US$14.3 million), an increase of 14.3% from the second quarter of 2011, and an increase of 92.0% from the third quarter of 2010. Excluding the store closure-related costs of approximately RMB15.4 million (US$2.4 million), non-GAAP net loss attributable to IFM Investments Limited in the third quarter of 2011 would be RMB75.6 million (US$11.9 million).
•  Non-GAAP basic and diluted net loss per ADS in the third quarter of 2011 was RMB2.04 (US$0.32) vs loss of (US$0.17) in 2010 third quarter

Second Quarter 2011 Results

BEIJING, July 7, 2011 /PRNewswire-Asia-FirstCall/ -- IFM Investments Limited ("Century 21 China Real Estate", the "Company" or "CTC") (NYSE: CTC), a leading comprehensive real estate services provider and the exclusive franchisor for the CENTURY 21 brand in China, today announced that it has closed its previously announced acquisition of a majority ownership stake in Beijing Shanggu, an established local primary real estate agency service provider based in Beijing focusing on consulting and sales for commercial real estate projects.

"We are pleased to announce that we have closed our acquisition of Beijing Shanggu," commented Mr. Donald Zhang, Century 21 China Real Estate's chairman and chief executive officer. "We are excited to build on our success in the fast-growing commercial real estate sector, which has not been impacted by recent policy developments. This acquisition positions us well to benefit as this sector continues to grow."

First Quarter Results:

• Consolidated net revenue in the first quarter of 2011 was RMB137.3 million (US$21.0 million), a decrease of 19.2% from the fourth quarter of 2010, and an increase of 29.3% from the first quarter of 2010.
• Revenue from company-owned brokerage services in the first quarter of 2011 was RMB119.4 million (US$18.2 million), a decrease of 22.4% from the fourth quarter of 2010, and an increase of 28.0% from the first quarter of 2010.
• Non-GAAP(2) loss from operations in the first quarter of 2011 was RMB86.2 million (US$13.2 million), an increase of 94.1% from the fourth quarter of 2010, and an increase of 346.6% from the first quarter of 2010.
• Non-GAAP net loss attributable to ordinary shareholders for the first quarter of 2011 was RMB84.4 million (US$12.9 million), an increase of 95.8% from the fourth quarter of 2010, and an increase of 311.7% from the first quarter of 2010.
• Basic and diluted net loss per ADS in the first quarter of 2011 was RMB1.92 (US$0.29). Non-GAAP basic and diluted net loss per ADS in the first quarter of 2011 was RMB1.89 (US$0.29).

"Despite policy restrictions continuing to dampen secondary transaction volumes, over the last quarter we have focused on solidifying our leading position in key neighborhoods, while improving operational efficiency across our store network and increasing revenues from our other business units," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate.  

The Company currently estimates that its total net revenue for the second quarter of 2011 will be in the range of RMB160 million to RMB170 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

Fourth Quarter and Fiscal Year 2010 Highlights(1)

• Consolidated net revenue in the fourth quarter of 2010 was RMB169.9 million (US$25.7 million), an increase of 22.8% from the third quarter of 2010, and a decrease of 18.3% from the fourth quarter of 2009.

• Non-GAAP(2) loss from operations in the fourth quarter of 2010 was RMB44.4 million (US$6.7 million), a decrease of 0.4% from the third quarter of 2010, compared to a non-GAAP income from operations of RMB51.8 million in the fourth quarter of 2009.
  
• Non-GAAP net loss attributable to ordinary shareholders for the fourth quarter of 2010 was RMB43.1 million (US$6.5 million), a decrease of 9.1% from the third quarter of 2010, compared to a non-GAAP net income attributable to ordinary shareholders of RMB20.0 million in the fourth quarter of 2009.

2010 Full Year:

• Consolidated net revenue in fiscal year 2010 was RMB530.8 million (US$80.4 million), compared to RMB651.7 million for fiscal year 2009.
• Non-GAAP loss from operations in fiscal year 2010 was RMB147.1 million (US$22.3 million), compared to a non-GAAP income from operations of RMB143.3 million for fiscal year 2009.
  
• Non-GAAP net loss attributable to ordinary shareholders in fiscal year 2010 was RMB146.6 million (US$22.2 million), compared to a non-GAAP net income attributable to ordinary shareholders of RMB55.8 million for fiscal year 2009.

"Despite challenging market conditions in 2010, Century 21 China Real Estate delivered fourth quarter and full year results which exceeded our expectations," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "In a year when tightening policy restrictions impacted transaction volumes, successful execution of our network expansion strategy has enabled us to further solidify our leading position in key markets. Alongside this, our primary and commercial businesses and new consumer financing product rollouts have opened exciting new opportunities for future growth. We are also actively investigating attractive prospects for M&A where we can leverage our core competencies in complimentary business lines."

Mr. Harry Lu, vice chairman and president added, "While we believe the latest round of restrictive policies will continue to dampen transaction volumes in the near-term, the strength of our network and our in-depth market expertise should ensure that we are well-placed to benefit as demand picks up. As we move into 2011, we are focused on ramping up productivity across our network while taking a cautious approach to opening new stores during the current policy environment."

Business Outlook

The Company currently estimates that its total net revenue for the first quarter of 2011 will be in the range of RMB125 million to RMB135 million. This forecast reflects the Company's current and preliminary view, which is subject to change.

Third Quarter 2010 Highlights

• Consolidated net revenue in the third quarter of 2010 was RMB138.3 million (US$20.7 million), an increase of 18.8% from RMB116.4 million reported in the second quarter of 2010, and a decrease of 23.0% from RMB179.5 million in the third quarter of 2009.
  
• Non-GAAP net loss attributable to ordinary shareholders for the third quarter of 2010 was RMB47.4 million (US$7.1 million), compared to a non-GAAP net loss attributable to ordinary shareholders of RMB35.6 million in the second quarter of 2010, and non-GAAP net income attributable to ordinary shareholders of RMB17.3 million in the third quarter of 2009.

• Non-GAAP basic and diluted net loss per ADS in the third quarter of 2010 was RMB1.03 (US$0.15).

"Improved transaction volumes and our expanding network reach drove strong performance in the third quarter," said Mr. Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate. "While we anticipate that the current policy environment will continue to suppress transaction volumes for the remainder of 2010, we are confident in the fundamental health of China's real estate market and believe that our increasing presence in the key neighborhoods driving growth leave us well positioned as transaction volumes trend back towards normalized levels."

Mr. Harry Lu, vice chairman and president added, "China's secondary real estate market has enormous potential and we intend to push forward with our strategy of achieving critical mass in our target markets. Strong economic growth and increasing urbanization will drive.