IFM Investments Ltd was incorporated in the Cayman Islands on November 30, 2005. The Company is a real estate services provider with the network of real estate sales offices in China. It is the franchisor in China for the CENTURY 21(...r) that is recognized in the real estate industry. The Company operates in four business segments: Company-owned brokerage services, primary and commercial services, mortgage management services and franchise services. It started its franchise services business in 2000. The Company’s franchise services business grants regional franchise rights for the CENTURY 21(r) to regional sub-franchisors in China who, in turn, open their own sales offices or grant third parties the right to open sales offices within their region. The Company’s franchise network has provided it with ...valuable information to gauge market maturity and identify potential opportunities to establish and grow the company-owned brokerage services business. Its Company-owned brokerage services business owns and operates regional sub-franchisors and sales offices in the CENTURY 21(r) China network. Primary and commercial services business consists of two business units, one that provides agency services to primary residential real estate developers and one that provides planning, consulting and brokerage services to commercial property developers. The Company’s mortgage management services business provides mortgage advisory services to home buyers and home owners and interim guarantee services to commercial banks. The Company’s information systems provide real-time and in-depth management and sales information, support its network of sales offices, and drive its marketing efforts. It mainly competes with Centaline (China) Property Consultants Limited in the Beijing, Shanghai and Shenzhen markets for secondary real estate brokerage business, and to a lesser extent, with E-house (China) Holdings Limited in these cities for real estate brokerage business. The real estate market and its operations in China are regulated by the MOFCOM, the SAFE, the MOHURD, the PRC Ministry of Land and Resources, the SAIC, the NDRC, the PBOC, China Banking Regulatory Commission and their respective local counterparts.