Century 21 China Real Estate today reported a second-quarter net loss of $6.6 million as revenue fell 9.1 percent from the first quarter and 42 percent from a year ago, to $19.8 million.
“Market conditions were more challenging than we had expected in the second quarter, with transaction volumes stuck at very low levels,” said Donald Zhang, chairman and chief executive officer of Century 21 China Real Estate, in a statement. “In response, we made additional store closures that, while affecting our second-quarter performance, should soften any longer-term impact.”
During the second quarter, the Century 21 China Real Estate network was operating in 23 major cities, and had an average of about 865 sales offices, including 192 company-owned offices. As of June 30, the Century 21 China Real Estate network employed more than 11,800 sales professionals and staff, down 13 percent from a year ago.
During the same period of 2013, Century 21 China Real Estate reported that its network covered 27 major cities with an average of about 944 sales offices, including 322 company-owned offices.
As the exclusive franchisor of the Century 21 brand in China, Century 21 China Real Estate provides company-owned brokerage services, franchise services, mortgage management services, primary services, commercial services and fund management services.
IFM Investments Ltd. limited, the name of the company that does business as Century 21 China Real Estate, became a public company in January 2010. Its American depositary shares — each representing 45 ordinary shares — trade on the New York Stock Exchange under the symbol “CTC.”
On Aug. 5, the company reported that the New York Stock Exchange had accepted its plan for continued listing on the exchange after its market capitalization dipped below the minimum required $50 million.