Home » Business » Real Estate
OK to share repurchase
By Cherry Cao |
March 30, 2011, Wednesday
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Print Edition
Print Edition
E-HOUSE (China) Holdings Ltd, a leading real estate services company in the country, yesterday announced its board of directors has approved a share repurchase program.
The United States-listed company has been authorized, but not obligated, to repurchase up to US$50 million worth of its own American Depositary Shares (ADS) within one year upon receiving such authorization, said the company, which plans to fund repurchases from its available cash balance.
"The board's decision to implement this buyback reflects our firm belief that our ADSs are presently undervalued in the marketplace and represent a sound investment decision at recent trading prices," said Zhou Xin, executive chairman of E-House. "Despite the challenging property market conditions we are facing, we are confident in the long-term prospects of the real estate industry in China."
The United States-listed company has been authorized, but not obligated, to repurchase up to US$50 million worth of its own American Depositary Shares (ADS) within one year upon receiving such authorization, said the company, which plans to fund repurchases from its available cash balance.
"The board's decision to implement this buyback reflects our firm belief that our ADSs are presently undervalued in the marketplace and represent a sound investment decision at recent trading prices," said Zhou Xin, executive chairman of E-House. "Despite the challenging property market conditions we are facing, we are confident in the long-term prospects of the real estate industry in China."
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