E-House Announces Management Changes
Limited (“E-House” or the “Company”) (NYSE: EJ), a leading real estate
services company in
effective immediately.
-- Mr. Xin Zhou has been appointed as a co-chairman of the Board of
Directors and chief executive officer of China Real Estate Information
Corporation, formerly CRIC Holdings Limited ("CRIC"), a subsidiary of
E-House that will merge with SINA Corporation's online real estate
business effective upon the closing of CRIC's proposed initial public
offering in the U.S. Mr. Zhou has resigned as chief executive officer
of E-House and has taken on the new title of executive chairman of
E-House's Board of Directors.
-- Mr. Gordon Jianjun Zang, formerly head of E-House's primary real estate
agency business segment, has been appointed as acting chief executive
officer of E-House and a director of E-House's Board of Directors.
-- Mr. Charles Chao has resigned from E-House's Board of Directors. Mr.
Chao has also been appointed as a co-chairman of the Board of Directors
of CRIC, effective upon the closing of CRIC's proposed initial public
offering.
Mr.
established itself as the leader in real estate services in
industry-leading brand, seasoned management team and well-tested business
practice. Gordon, one of the founders of E-House and one of the most
experienced executives in
important role in our development. I am confident that his new appointment
will enable E-House to further leverage and benefit from his vast experience
and industry expertise, particularly in the area of primary real estate agency
services. In the meantime, I am excited to take on my new responsibilities.
While I will continue to oversee E-House’s overall growth strategy across all
of its business segments, I plan to put an additional focus on the growth and
integration of E-House’s real estate information and consulting services and
SINA’s online real estate business, with which we plan to merge following
CRIC’s proposed IPO.”
Mr.
officer, said, “I am honored to have the trust and confidence of Mr. Zhou and
E-House’s Board. Under Mr. Zhou’s guidance, E-House has made remarkable
achievements and will benefit from his continued leadership. I am committed to
working with him and the entire management team to formulate and execute
E-House’s future strategies.”
Mr.
exciting time in E-House’s history. Under the new management structure, Mr.
Zhou will continue to be responsible for E-House’s overall strategy, oversee
management and operations across all business segments, and cover major
clients. At the same time, as CRIC’s CEO, he will lead a new CRIC management
team to develop and integrate E-House’s real estate information and consulting
services and SINA’s online real estate business. Mr. Zang will assist Mr. Zhou
in coordinating the continued development of E-House’s primary real estate
agency business. This structure both ensures stability and continuity of
E-House’s management and emphasizes our strategic commitment to developing
We believe this is a win-win solution for both E-House and CRIC.”
Mr.
primary real estate agency service since 2001 and as director from
2004
general manager of the predecessor of Shanghai Real Estate Brokerage Co., Ltd.
in 2000. Mr. Zang served as a director and general manager of Shanghai Yidu
Real Estate Sales & Planning Co., Ltd. from 1998 to 2000, and as an operating
director of Shanghai Lidahang Real Estate Consulting Co. from 1993 to 1998. Mr.
Zang received a bachelor’s degree from Fudan University and an EMBA degree
from Shanghai Jiao Tong University in
About E-House
E-House (
estate services company in
experienced rapid growth and is
consulting services company with a presence in more than 30 cities. In
addition to its national presence, E-House offers a wide range of services to
the real estate industry through its various business segments including
primary sales agency, secondary brokerage, consulting and information services,
advertising and investment management. E-House has received numerous awards
for its innovative and high-quality services, including “
from the National Association of Real Estate Brokerage and Appraisal Companies
and “China Enterprises with the Best Potential” from Forbes. E-House believes
it has the largest and most comprehensive real estate database system in
providing up-to-date and in-depth information covering residential and
commercial real estate properties in all major regions in
information about E-House, please visit http://www.ehousechina.com .
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,” “confident,” “is
currently reviewing,” “it is possible,” “subject to” and similar statements.
Among other things, the 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, a severe or prolonged downturn in the global economy,
E-House’s susceptibility to fluctuations in the real estate market of
government measures aimed at
estate services industry in
diminution of the value of E-House’s brand or image, E-House’s inability to
successfully execute its strategy of expanding into new geographical markets
in
E-House’s failure to successfully execute the business plans for its strategic
alliances and other new business initiatives, E-House’s loss of its
competitive advantage if it fails to maintain and improve its proprietary CRIC
system or to prevent disruptions or failure in the system’s performance,
E-House’s failure to compete successfully, fluctuations in E-House’s results
of operations and cash flows, 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
E-House (China) Holdings Limited
Michelle Yuan
Manager, Investor Relations
Phone: +86-21-6133-0770
Email: liyuan@ehousechina.com
Ogilvy Financial, Beijing
Cathy Li
Phone: +86-10-8520-6104
Email: cathy.li@ogilvy.com
In the U.S.
Ogilvy Financial, New York
Jessica Barist Cohen
Phone: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
SOURCE E-House (