Finally, regarding company’s talks with E-House.… This from CC in March
We remain interested in resuming discussions with E-House on the proposed transaction, pending a resolution between Century 21 China Real Estate’s founders and GL Asia Mauritius II Cayman Islands in relation to the petition filed by GLA in the Grand Court of the Cayman Islands.
This is from last year when a preliminary deal was struck between EJ & CTC deal still on but CTC has to finalize corporate actions with founders. They believe that CTC being sold to CHEAP.
Shares in New York-listed IFM Investments shot up 102% yesterday after big Chinese primary real estate brokerage E-House said it reached a preliminary agreement to buy a 37% stake in the company.
IFM holds the execlusive franchise for the Century 21 brand in China.
E-House, whose shares also trade in New York, will pay about $25 million. Chairman Zhou Xin said in a statement that the agreement will benefit both parties. (See details here.) E-House also controls Nasdaq-listed China Real Estate Information.
The purchase is the latest sign of consolidation and retrenchment among brokerages in the country at a time the government has been trying to put the brakes on property prices.