CENTURY-21 of China Shoots for an IPO

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The name of the company is fairly ordinary: IFM Investments Limited. Yet, it is the exclusive franchisor of the CENTURY 21 brand in China (since 2000).

And to capitalize on the growth, IFM has filed to go public. In fact, this is one of the first filings in 2010.


So far, IFM has the largest network of real estate offices in China, with more than 1,000 locations across 34 major cities. There are roughly 14,900 agents and staff, which manage 4.7 million property listings. With its heft, IFM is ranked #3 in terms of real estate volume in China.

In terms of its growth strategy, IFM has three types of businesses: company-owned brokerages, mortgage services and franchises. All in all, the platform has scaled nicely -- and should continue to dos so. For example, IFN has strong information systems and training programs.

In terms of growth, IFM has increased revenues from RMB38.4 in 2006 to RMB273.4 in 2008. Already this year, revenues are up 112.4% to RMB443.7. What's more, the company turned profitable this year.

The lead underwriters on the IPO include Goldman Sachs (GS) and Morgan Stanley (MS).

Tom Taulli advises on business tax preparation and resolving tax problems. He is also the author of a variety of books, including the The Complete M&A Handbook. His website is at Taulli.com.

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