SHANGHAI, China, Dec. 29 /PRNewswire-Asia-FirstCall/ -- E-House (China)
Holdings Limited (NYSE: EJ) ('E-House' or the 'Company'), a leading real
estate services company in China, today announced that it has substantially
completed its initial US$20 million repurchase plan, which was announced on
August 22, 2008. The Company also announced that its board of directors has
approved a second share repurchase program.
E-House has been authorized, but not obligated, by its board of directors
to repurchase up to US$20 million worth of its own American Depositary Shares
('ADSs') within one year upon receiving such authorization. The repurchases
will be made from time to time on the open market at prevailing market prices
pursuant to a Rule 10b5-1 plan (which allows E-House to repurchase its ADSs
pursuant to the pre-determined terms under the plan at any time, including
during periods in which it may be in possession of material non-public
information), in negotiated transactions off the market, in block trades or
otherwise. The timing and extent of any purchases will depend upon market
conditions, the trading price of ADSs and other factors, and subject to the
restrictions relating to volume, price and timing in accordance with
applicable law. E-House expects to implement this share repurchase program in
a manner consistent with market conditions and the interests of its
shareholders. E-House's board of directors will review the share repurchase
program periodically, and may authorize adjustment of its terms and size
accordingly. The Company plans to fund repurchases made under this program
from its available cash balance.
Xin Zhou, E-House's chairman and chief executive officer, commented:
'After a successful initial share repurchase program, the board has decided
that there is still an excellent opportunity to acquire additional E-House
shares at attractive valuations. We continue to be confident in the long-term
prospects of our Company, and the authorization from the board to repurchase
additional shares is both an indication of our financial strength and our
commitment to enhancing shareholder value.'
About E-House
E-House (China) Holdings Limited ('E-House') (NYSE: EJ) is a leading real
estate services company in China. Since its inception in 2000, E-House has
experienced rapid growth and is China's largest real estate agency and
consulting services company with a presence in more than 30 cities.
