E-House Reports Second Quarter 2010 Results

SHANGHAI, Aug. 11 /PRNewswire-Asia/ -- E-House (China) Holdings Limited ("E-House" or the "Company") (NYSE: EJ), a leading real estate services company in China, today announced its unaudited financial results for the fiscal quarter and six months ended June 30, 2010.

    Second Quarter 2010 Financial and Operating Highlights
    -- Total gross floor area ("GFA") of new properties sold decreased by 20%
       year-on-year to 2.2 million square meters. Total value of new
       properties sold decreased by 12% year-on-year to RMB17.8 billion ($2.6
       billion)(1).

    -- Total revenues increased by 12% year-on-year to $71.2 million,
       including $14.3 million contributed by China Online Housing Technology
       Corporation ("COHT"). Without the COHT contribution, the remaining
       revenues decreased by 10% year-on-year to $56.9 million.

    -- Net income decreased by 50% year-on-year to $10.1 million. Non-GAAP net
       income(2) decreased by 5% year-on-year to $21.3 million. Non-GAAP net
       income includes $2.0 million attributable to COHT, while the remaining
       non-GAAP net income decreased by 14% year-on-year to $19.3 million.

    -- Net income attributable to E-House shareholders decreased by 65% year-
       on-year to $6.7 million, or $0.08 per diluted ADS. Non-GAAP net income
       attributable to E-House shareholders(2) decreased by 36% year-on-year
       to $13.9 million, or $0.17 per diluted ADS.

    First Half 2010 Financial and Operating Highlights
    -- Total GFA of new properties sold was 4.7 million square meters for the
       first half of 2010, an increase of 15% from the same period of 2009.
       Total value of new properties sold was RMB39.7 billion ($5.8 billion)
       for the first half of 2010, an increase of 31% from the same period of
       2009.

    -- Total revenues were $142.7 million for the first half of 2010, an
       increase of 48% from the same period of 2009, including $22.5 million
       contributed by COHT. Without the COHT contribution, the remaining
       revenues were $120.2 million, an increase of 25% from the same period
       of 2009.

    -- Net income was $21.8 million for the first half of 2010, a decrease of
       18% from the same period of 2009. Non-GAAP net income was $44.2 million
       for the first half of 2010, an increase of 43% from the same period of
       2009. Non-GAAP net income includes $3.2 million attributable to COHT,
       while the remaining non-GAAP net income increased by 33% to $41.0
       million.

    -- Net income attributable to E-House shareholders was $17.3 million, or
       $0.21 per diluted ADS, for the first half of 2010, a decrease of 35%
       from the same period of 2009. Non-GAAP net income attributable to E-
       House shareholders was $31.7 million, or $0.39 per diluted ADS, for the
       first half of 2010, an increase of 4% from the same period of 2009.

"E-House achieved a performance during the second quarter that exceeded the guidance previously provided despite operating under a volatile and challenging market environment," said Mr. Xin Zhou, E-House's executive chairman. "As we indicated in our first quarter earnings release, government measures announced in April caused a sharp decline in volume in both new and secondary home sales. Although the overall transaction volume is still substantially lower than the period before the new government measures, we have seen gradual improvement from the lowest point in May. We believe that this improvement will continue for the remainder of this year as many new projects are scheduled to launch and more developers offer attractive prices to potential buyers."

Mr. Zhou continued, "E-House will continue its strategy of turning the current market conditions to its advantage by signing new agency contracts to boost our project pipeline. We are confident that we will come out of the current market downturn with a stronger leadership position in the industry. Our information, consulting and online services under our subsidiary China Real Estate Information Corporation, or CRIC, continue to achieve solid growth. We are also taking new initiatives to broaden our market reach and service scope, which will enable us to widen our range of services and market coverage."

Mr. Gordon Zang, E-House's acting chief executive officer, added, "In addition to signing new projects, we continued to focus on high quality execution for our clients during the second quarter. Our efforts helped some of our leading clients, such as Evergrande and Star River, achieve remarkable sales performance. This shows our ability to add value to our clients even during challenging market conditions."

Mr. Li-Lan Cheng, E-House's chief financial officer, commented, "The sudden and sharp drop in transaction volume in response to government tightening policies negatively impacted our operating and financial results for the second quarter. Our revenue guidance for the third quarter is based upon the assumption of a sequential increase in transaction volume, which reflects our expectation of continued, if gradual, market recovery. At the same time, our profit margin will continue to be under pressure in the near term as a result of lower average commission rate due to very limited amount of bonus commission realized in the current market conditions. We expect this impact to be mitigated once transaction volume starts to rebound more strongly and our average commission rate increases."

Financial Results for the Second Quarter and First Half 2010

Revenues

Second quarter total revenues were $71.2 million, an increase of 12% from $63.5 million for the same quarter of 2009. For the first half of 2010, total revenues were $142.7 million, an increase of 48% from $96.3 million for the same period of 2009.

Primary Real Estate Agency Services

Second quarter revenues from primary real estate agency services were $31.9 million, a decrease of 23% from $41.2 million for the same quarter of 2009. This decrease was mainly due to a 20% decrease in total GFA of new properties sold, contributing to a 12% decrease in total transaction value of new properties sold, as a result of cooling-off measures by the government announced in April 2010; and an average commission rate of 1.2% in the second quarter of 2010, compared to 1.4% for the same quarter in 2009. (See "Selected Operating Data" below for more details on total GFA and total transaction value of new properties sold.) For the first half of 2010, revenues from primary real estate agency services were $74.3 million, an increase of 27% from $58.6 million for the same period of 2009. This increase was mainly due to a 31% increase in total transaction value of new properties sold.

Secondary Real Estate Brokerage Services

Second quarter revenues from secondary real estate brokerage services were $4.8 million, a decrease of 16% from $5.7 million for the same quarter of 2009. This decrease was mainly due to lower total secondary real estate transaction volume following the announcements of cooling-off measures by the government in April 2010. For the first half of 2010, revenues from secondary real estate brokerage services were $9.2 million, an increase of 5% from $8.7 million for the same period of 2009. As of June 30, 2010, E-House had a total of 131 secondary real estate brokerage stores in eight cities in China, compared to 113 stores in five cities in China as of June 30, 2009.

Revenues from China Real Estate Information Corporation ("CRIC")

CRIC, a subsidiary of E-House, provides real estate information, consulting and online services in China. Second quarter revenues from CRIC were $33.8 million, an increase of 107% from $16.3 million for the same quarter of 2009. Total revenues for the second quarter of 2010 included $14.3 million attributable to COHT, while the remaining revenues were $19.5 million, an increase of 20% from $16.3 million for the same quarter in 2009. For the first half of 2010, revenues from CRIC were $58.0 million, an increase of 104% from $28.5 million for the same period of 2009. Total revenues for the first half of 2010 included $22.5 million attributable to COHT, while the remaining revenues were $35.5 million, an increase of 24% from $28.5 million for the same period of 2009.

The year-on-year increase in revenues from CRIC was attributable to increases in revenues from CRIC's real estate information and consulting services and the acquisition of COHT. The increase in revenues from real estate information and consulting services was primarily due to an increased number of subscribers to the CRIC database and more demand for the Company's customized real estate reports, as well as higher consulting revenues. CRIC completed its acquisition of COHT concurrently with its initial public offering ("IPO") in October 2009 and started reporting COHT's business as a new line of business in the fourth quarter of 2009. COHT generates online advertising revenues through operating a real estate Internet business in China.

Cost of Revenues

Second quarter cost of revenues was $23.2 million, an increase of 74% from $13.4 million for the same quarter of 2009. Second quarter cost of revenues included $5.9 million attributable to COHT, while the remaining cost of revenues was $17.3 million, an increase of 30% from $13.4 million for the same quarter of 2009. Other than cost attributable to COHT, the year-on-year increase in cost of revenues was mainly due to higher salaries paid to additional sales staff in the primary real estate agency service segment, partially offset by lower commissions paid as a result of lower transaction value of new properties sold. The Company also incurred additional cost for CRIC's database as the CRIC system underwent continued modification and updating in the second quarter of 2010.

For the first half of 2010, cost of revenues was $42.9 million, an increase of 85% from $23.2 million for the same period of 2009. Cost of revenues for the first half of 2010 included $10.8 million attributable to COHT, while the remaining cost of revenues was $32.1 million, an increase of 38% from $23.2 million for the same period of 2009.

Selling, General and Administrative ("SG&A") Expenses

Second quarter SG&A expenses were $44.4 million, an increase of 70% from $26.1 million for the same quarter of 2009. Second quarter SG&A expenses included $13.3 million attributable to COHT, while the remaining SG&A expenses were $31.1 million, an increase of 19% from $26.1 million for the same quarter of 2009. For the first half of 2010, SG&A expenses were $82.4 million, an increase of 79% from $45.9 million for the same period of 2009. SG&A expenses for the first half of 2010 included $22.3 million attributable to COHT, while the remaining SG&A expenses were $60.1 million, an increase of 31% from $45.9 million for the same period of 2009. Other than expenses attributable to COHT, the year-on-year increase in SG&A expenses was primarily due to higher salaries associated with the increased number of staff, higher marketing expenses as well as higher share-based compensation expense as a result of share options and restricted shares granted in 2009.

Income from Operations

Second quarter income from operations was $3.6 million, a decrease of 85% from $24.0 million for the same quarter of 2009. For the first half of 2010, income from operations was $17.4 million, a decrease of 36% from $27.2 million for the same period of 2009. Second quarter non-GAAP income from operations, which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions, was $15.6 million, a decrease of 41% from $26.4 million for the same quarter of 2009. Second quarter non-GAAP income from operations included $2.4 million attributable to COHT, while the remaining non-GAAP income from operations was $13.2 million, a decrease of 50% from $26.4 million for the same quarter of 2009. For the first half of 2010, non-GAAP income from operations was $41.2 million, an increase of 31% from $31.5 million for the same period of 2009. For the first half of 2010, non- GAAP income from operations included $3.8 million attributable to COHT, while the remaining non-GAAP income from operations was $37.4 million, an increase of 19% from $31.5 million for the same period of 2009.

Other Income

Second quarter other income of $3.1 million primarily included net income from sales of property held for sales and cash subsidies received by the Company's subsidiaries from local governments as incentives for investing in certain local districts.

Income Tax Expense /Benefit

One of the Company's major subsidiaries that engages in real estate information and consulting services was previously approved as a high and new technology enterprise under the PRC tax law and was therefore subject to a 15% preferential income tax rate for the years from 2008 through 2010. In May 2010, it was granted a software enterprise status and qualified to be exempted from PRC income tax for 2009, followed by a 50% reduction in income tax rate from 2010 through 2012. The effective tax rate in 2010 was adjusted accordingly, and the tax refund of $4.2 million relating to 2009 was recognized as an income tax benefit when received by the subsidiary in the second quarter of 2010.

Net Income

Second quarter net income was $10.1 million, a decrease of 50% from $20.1 million for the same quarter of 2009. Second quarter non-GAAP net income was $21.3 million, a decrease of 5% from $22.3 million for the same quarter of 2009. Second-quarter non-GAAP net income included $2.0 million attributable to COHT, while the remaining non-GAAP net income was $19.3 million, a decrease of 14% from $22.3 million for the second quarter of 2009. For the first half of 2010, net income was $21.8 million, a decrease of 18% from $26.7 million for the same period of 2009. First half 2010 non-GAAP net income was $44.2 million, an increase of 43% from $30.9 million for the same period of 2009. First half 2010 non-GAAP net income included $3.2 million attributable to COHT, while the remaining non-GAAP net income was $41.0 million, an increase of 33% from $30.9 million for the same period of 2009.

Net Income Attributable to Non-controlling Interests

In October 2009, CRIC completed the acquisition of SINA Corporation's ("SINA") (NASDAQ: SINA) 66% equity interest in COHT, increasing its interest in COHT from 34% to 100%, in exchange for issuing 47,666,667 ordinary shares to SINA upon CRIC's IPO. Following the IPO and the acquisition of COHT, E- House remained the majority shareholder of CRIC. As of June 30, 2010, E-House held a 52.33% equity interest in CRIC. As a result, net income attributable to non-controlling interests in the second quarter of 2010 was $3.4 million, a significant increase from the same quarter of 2009. Net income attributable to non-controlling interests was $4.5 million for the first half of 2010.

Net Income Attributable to E-House Shareholders

Second quarter net income attributable to E-House shareholders was $6.7 million, or $0.08 per diluted ADS, compared to $19.3 million for the same quarter of 2009. Non-GAAP net income attributable to E-House shareholders was $13.9 million, or $0.17 per diluted ADS, compared to $21.6 million for the same quarter of 2009. For the first half of 2010, net income attributable to E-House shareholders was $17.3 million, or $0.21 per diluted ADS, compared to $26.4 million for the same period of 2009. Non-GAAP net income attributable to E-House shareholders for the first half was $31.7 million, or $0.39 per diluted ADS, an increase of 4% from $30.6 million, or $0.38 per diluted ADS, for the same period of 2009.

Cash Flow

As of June 30, 2010, the Company had a cash balance of $462.3 million. Second quarter net cash used in operating activities was $6.8 million. This amount was mainly attributable to an increase in customer deposits by $11.4 million, an increase in prepaid expenses and other current assets by $5.9 million, a decrease in other current liabilities by $12.3 million, and a decrease in deposit payables by $8.4 million, partially offset by non-GAAP net income of $21.3 million, a decrease in restricted cash by $4.9 million and an increase in accrued payroll and welfare expenses by $4.1 million. Second quarter net cash used in financing activities was $23.7 million, mainly due to the payment of $20.1 million in cash dividends and the payment of $3.9 million to purchase CRIC's American depositary shares.

Business Outlook

The Company estimates that its revenues for the third quarter of 2010 will be in the range of $81 million to $83 million, a decrease of 4% to 6% over the same quarter in 2009. The Company's revenues for the third quarter of 2010 other than revenues to be generated from the online real estate business operated by COHT are estimated to be in the range of $65 million to $66 million, a decrease of 23% to 25% over the same quarter in 2009. This forecast reflects the Company's current and preliminary view, which is subject to change.

Conference Call Information

E-House's management will host an earnings conference call on August 11, 2010 at 8 a.m. U.S. Eastern Daylight Time (8 p.m. Beijing/Hong Kong time).

    Dial-in details for the earnings conference call are as follows:

    U.S./International: +1-857-350-1593
    Hong Kong:          +852-3002-1672
    Mainland China:     +86-10-800-130-0399

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is "E-House Earnings Call."

A replay of the conference call may be accessed by phone at the following number until August 18, 2010:

    International:      +1-617-801-6888
    Passcode:           91980724

Additionally, a live and archived webcast along with the transcript of the conference call will be available at http://ir.ehousechina.com .

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 100 cities. E-House offers a wide range of services to the real estate industry, including primary sales agency, secondary brokerage, information, consulting, online and investment management services. The real estate information, consulting and online services are offered through E-House's majority owned subsidiary, China Real Estate Information Corporation (NASDAQ: CRIC). 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 .

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. Among other things, the Business Outlook section and quotations from management in this press release, as well as E-House's strategic and operational plans, contain forward-looking 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 on 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 Non-GAAP Financial Measures

To supplement E-House's consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), E-House uses in this press release the following non-GAAP financial measures: (1) net income attributable to E-House shareholders, (2) net income, (3) income from operations and (4) net income per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. The presentation of these non- GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliation of GAAP and non-GAAP Results" set forth at the end of this press release.

E-House believes that these non-GAAP financial measures provide meaningful supplemental information to investors regarding its operating performance by excluding share-based compensation expense and amortization of intangible assets resulting from business acquisitions, which may not be indicative of E- House's operating performance from a cash perspective. These non-GAAP financial measures also facilitate management's internal comparisons to E- House's historical performance and assist its financial and operational decision making. As a result of the acquisition of COHT in the fourth quarter of 2009, E-House has computed its non-GAAP financial measures in this press release by excluding items that previously did not exist or were not material. A limitation of using these non-GAAP financial measures is that share-based compensation expense and amortization of intangible assets resulting from business acquisitions are recurring expenses that will continue to exist in E- House's business for the foreseeable future. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliation between non-GAAP financial measures and their most comparable GAAP financial measures.

    For investor and media inquiries please contact:

    In China
     Michelle Yuan
     Manager, Investor Relations
     E-House (China) Holdings Limited
     Phone: +86-21-6133-0770
     Email: liyuan@ehousechina.com

     Derek Mitchell
     Ogilvy Financial, Beijing
     Phone: +86-10-8520-6284
     Email: derek.mitchell@ogilvy.com

    In the U.S.
     Jessica Barist Cohen
     Ogilvy Financial, New York
     Phone: +1-646-460-9989
     Email: jessica.cohen@ogilvypr.com



                       E-HOUSE (CHINA) HOLDINGS LIMITED
                     UNAUDITED CONSOLIDATED BALANCE SHEET
                        (In thousands of U.S. dollars)

                                               December 31,        June 30,
                                                   2009             2010
    ASSETS
    Current assets
    Cash and cash equivalents                     548,062          462,283
    Restricted cash                                 8,057            4,385
    Customer deposits                              38,958          126,426
    Unbilled accounts receivable, net             120,020          128,415
    Accounts receivable, net                       33,452           21,872
    Properties held for sale                        3,065            8,985
    Advance payment for properties                  8,108               --
    Deferred tax assets                            13,337           13,368
    Prepaid expenses and other current
     assets                                        18,698           32,805
    Amounts due from related parties                1,042              619
    Total current assets                          792,799          799,158
    Property and equipment, net                    16,219           18,184
    Intangible assets, net                        202,695          194,668
    Investment in affiliates                          398            5,054
    Goodwill                                      452,660          453,041
    Deferred tax assets, non-current                1,847            1,852
    Customer deposits, non-current                    981            1,487
    Other non-current assets                        4,526            5,176
    Total assets                                1,472,125        1,478,620

    LIABILITIES AND EQUITY
    Current liabilities
    Accounts payable                                9,865           11,111
    Accrued payroll and welfare
     expenses                                      31,420           25,885
    Income tax payable                             38,226           30,108
    Other tax payable                              12,072            8,905
    Amounts due to related parties                  1,050              863
    Deposits payables                                  --            2,945
    Advance from property buyers                    6,587            2,757
    Other current liabilities                      15,928           22,764
    Total current liabilities                     115,148          105,338
    Deferred tax liabilities                       42,327           42,917
    Other non-current liabilities                   1,331            1,363
    Total liabilities                             158,806          149,618
    Commitments and contingencies
    Equity
    Ordinary shares ($0.001 par value):
     1,000,000,000 and 1,000,000,000
     shares authorized, 80,145,869 and
     80,272,379 shares issued and
     outstanding, as of December 31,
     2009 and June 30, 2010, respectively              80               80
    Additional paid-in capital                    656,593          664,717
    Retained earnings                             184,749          181,951
    Accumulated other comprehensive
     income                                        16,344           17,364
    Total E-House equity                          857,766          864,112
    Non-controlling interests                     455,553          464,890
    Total equity                                1,313,319        1,329,002
    TOTAL LIABILITIES AND EQUITY                1,472,125        1,478,620



                       E-HOUSE (CHINA) HOLDINGS LIMITED
               UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
     (In thousands of U.S. dollars, except share data and per share data)

                                 Three months ended        Six months ended
                                      June 30,                  June 30,
                                   2009      2010            2009      2010

    Revenues                      63,481       71,238       96,291   142,672
    Cost of revenues             (13,367)     (23,217)     (23,181)  (42,871)
    Selling, general and
     administrative expenses     (26,070)     (44,385)     (45,948)  (82,428)
    Income from operations        24,044        3,636       27,162    17,373


    Interest expenses                 --           --         (216)       --
    Interest income                  203          855          419     1,386
    Other income, net                255        3,099        5,135     4,679
    Income before taxes, equity
     in affiliates                24,502        7,590       32,500    23,438
    Income tax
     (expense)/benefit            (4,700)       2,505       (6,167)   (1,575)
    Income before equity in
     affiliates                   19,802       10,095       26,333    21,863
    Income/(loss) from equity
     in affiliates                   300          (10)         385       (78)
    Net income                    20,102       10,085       26,718    21,785

    Less: Net income
     attributable to
     non-controlling
     interests                       756        3,410          307      4,503
    Net income attributable
     to E-House shareholders      19,346        6,675       26,411     17,282

    Earnings per share:
    Basic                           0.24         0.08         0.33       0.22
    Diluted                         0.24         0.08         0.33       0.21
    Shares used in computation:
    Basic                     79,541,611   80,237,210   79,540,143 80,194,493
    Diluted                   80,244,028   81,089,343   79,934,917 81,095,260

    Notes
    Note 1  The conversion of Renminbi ("RMB") amounts into USD amounts
            is based on the rate of USD1 = RMB6.7909 on June 30, 2010 and USD1
            = RMB6.8179 for the three months ended June 30, 2010.



                       E-HOUSE (CHINA) HOLDINGS LIMITED
                 Reconciliation of GAAP and Non-GAAP Results
      (In thousands of U.S. dollars, except share data and per ADS data)

                                  Three months ended      Six months ended
                                       June 30,                June 30,
                                   2009        2010       2009         2010
                               (unaudited) (unaudited) (unaudited) (unaudited)

    GAAP income from operations    24,044      3,636      27,162      17,373
    Share-based compensation
     expense                        2,044      6,673       3,743      13,390
    Amortization of intangible
     assets resulting from
     business acquisitions            271      5,260         545      10,435
    Non-GAAP income from
     Operations(3)                 26,359     15,569      31,450      41,198

    GAAP net income                20,102     10,085      26,718      21,785
    Share-based compensation
     expense (net of tax)           2,044      6,673       3,743      13,390
    Amortization of intangible
     assets resulting from
     business acquisitions
     (net of tax)                     203      4,568         409       9,072
    Non-GAAP net income(4)         22,349     21,326      30,870      44,247

    Net income attributable to
     E-House shareholders          19,346      6,675      26,411      17,282
    Share-based compensation
     expense (net of tax and
     non-controlling interests)     2,044      4,794       3,743       9,629
    Amortization of intangible
     assets resulting from
     business acquisitions
     (net of tax and non-
     controlling interests)           203      2,392         409       4,781
    Non-GAAP net income
     attributable to
     E-House shareholders          21,593     13,861      30,563      31,692

    GAAP net income per ADS -
     basic                           0.24       0.08        0.33        0.22

    GAAP net income per ADS -
     diluted                         0.24       0.08        0.33        0.21

    Non-GAAP net income per ADS
     - basic                         0.27       0.17        0.38        0.39

    Non-GAAP net income per ADS
     - diluted                       0.27       0.17        0.38        0.39

    Shares used in calculating
     basic GAAP /Non-GAAP net
     income attributable to
     shareholders per ADS      79,541,611 80,237,210  79,540,143  80,194,493

    Shares used in calculating
     diluted GAAP / Non-GAAP
     net income attributable
     to shareholders per ADS   80,244,028 81,089,343  79,934,917  81,095,260



                       E-HOUSE (CHINA) HOLDINGS LIMITED
                           SELECTED OPERATING DATA

                                       Three months ended  Six months ended
                                            June 30,           June 30,
                                          2009   2010        2009    2010
    Primary real estate agency service
    Total Gross Floor Area ("GFA")
     of new properties sold
    (thousands of square meters)         2,706   2,165       4,078   4,709
    Total value of new properties
     sold (millions of RMB)             20,357  17,780      30,346  39,706
    Total value of new properties
     sold (millions of $)                2,980   2,619       4,441   5,831


    (1) This press release contains translations of certain RMB amounts into
        U.S. dollar amounts solely for the convenience of the reader. The RMB
        amounts were translated into U.S. dollar amounts at a rate of
        RMB6.8179 to US$1.00, which is the average central parity rate
        announced by the People's Bank of China for the second quarter of
        2010.
    (2) Non-GAAP net income and non-GAAP net income attributable to E-House
        shareholders in this press release exclude share-based compensation
        expense and amortization of intangible assets resulting from business
        acquisitions. See "About Non-GAAP Financial Measures" and
        "Reconciliation of GAAP and Non-GAAP Results" below for more
        information about the non-GAAP financial measures included in this
        press release.
    (3) Non-GAAP income from operations includes $2,351 and $3,814
        attributable to COHT for the second quarter and the first half of
        2010, respectively.
    (4) Non-GAAP net income includes $1,993 and $3,238 attributable to COHT
        for the second quarter and the first half of 2010, respectively.

SOURCE E-House (China) Holdings Limited

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