E-House Announces Completion of New Share Issuance to Management

Mon Mar 25, 2013 5:30am EDT

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130325:nPnCN82525


SHANGHAI,  March 25, 2013  /PRNewswire-FirstCall/ -- E-House (China) Holdings
Limited ("E-House" or the "Company") (NYSE: EJ), a leading real estate services
company in  China, today announced that it recently completed its new share
issuance to the management team as previously announced on  December 10, 2012.

As a result of the transaction, the Company issued an aggregate of 17,790,125
ordinary shares of the Company to Kanrich Holdings Limited ("Kanrich"), a 
British Virgin Islands  company owned by certain key members of the Company's
management, including Mr.  Xin Zhou, co-chairman of the Company's board of
directors and chief executive officer, for an aggregate purchase price of
approximately  $62.6 million. After completion of the share issuance, the
E-House management team became the Company's largest shareholder as a group,
with a combined stake of approximately 31%.

As previously announced, the Company intends to use up to all of the proceeds
from the share issuance to Kanrich to repurchase the Company's ADSs on the open
market in compliance with applicable law and in a manner consistent with market
conditions and the interests of its shareholders. The shares issued to Kanrich
are subject to a 12-month lock-up period. This lock-up restriction does not
apply to the creation or enforcement of the share charge created by Kanrich for
the benefit of a certain third-party lender, which to the knowledge of the
Company, entered into a margin loan facility agreement and related share and
account charge with Kanrich to provide financing for the purchase of the new
shares of the Company.

Safe Harbor: 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. E-House may
also make written or oral forward-looking statements in its reports filed or
furnished with the U.S. Securities and Exchange Commission, including 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. 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  China, government measures aimed at 
China's real estate industry, failure of the real estate services industry in 
China  to develop or mature as quickly as expected, 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  China, E-House's failure
to manage its growth effectively and efficiently, 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, natural
disasters or outbreaks of health epidemics and other risks outlined in E-House's
filings with the U.S. Securities and Exchange Commission. All information
provided in this press release is current 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.  

About E-House

E-House (China) Holdings Limited ("E-House") (NYSE: EJ) is  China's leading real
estate services company with a nationwide network covering more than 240 cities.
E-House offers a wide range of services to the real estate industry, including
online advertising, primary sales agency, secondary brokerage, information and
consulting, offline advertising and promotion and real estate investment
management services. E-House has received numerous awards for its innovative and
high-quality services, including "China's Best Company" from the National
Association of Real Estate Brokerage and Appraisal Companies and "China
Enterprises with the Best Potential" from Forbes. For more information about
E-House, please visit  http://www.ehousechina.com.

For investor and media inquiries please contact:

In  China:

Michelle Yuan
Director of Investor Relations
E-House (China) Holdings Limited
Phone: +86 (21) 6133-0754
E-mail:  michelleyuan@ehousechina.com

Derek Mitchell
Ogilvy Financial,  Beijing
Phone: +86 (10) 8520-3073
E-mail:  ej@ogilvy.com

In  the United States:

Jessica Barist Cohen
Ogilvy Financial,  New York
Phone: +1 (646) 460-9989
E-mail:  ej@ogilvy.com

 

 

SOURCE  E-House (China) Holdings Limited

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.