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E-House China secondary offering

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Quoting Reuter News: E-House China (EJ), filed with U.S. regulators on Thursday for an offering of $175 million of its American depositary shares. Note the company recently formed alliance with some major home builders in China (read the news from CNNMoney).

Now they are asking more money from the market, the shareholders (old or new). From my observation the China housing market is at a psychological tipping point, i.e., it is facing a correction to say the least. But in long term, I do believe there are rooms to grow.

I am not planning to buy the EJ. But for reference (Yahoo Finance), it closing price today $21.71 represents PE (ttm) of 44, and Price/sales (ttm) of 16.7.

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E-House China: the brand

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From the F1 Prospectus:

“…Mr. Zhou has over 14 years of experience in China’s real estate industry. Mr. Zhou has been the chairman and president of Shanghai Real Estate Consultant & Sales (Group) Co., Ltd. since 2003. From 1997 to 2003, he served as a director and the general manager of Shanghai Real Estate Exchange Co., Ltd., and as the deputy general manager of Shanghai Jinfeng Investments Co., Ltd., a company listed on the Shanghai Stock Exchange…”

What is Jinfeng Investment Co. exactly? Well, it’s the owner of Jinfeng Yiju (easy housing), here is its web site While it’s not as popular as the leading China real estate web site, Jinfeng Yiju (its web site and stores) are quite popular in Shanghai and a few neighbouring cities. I have looked for houses using their web site, and they give decent results. They have retail stores (offices) too.

On the other hand, the E-House China has only a corp web site at So much for the “e”. But I did see their offices in a few places. They have a big listings in the Hongqiao office.

jinfeng yiju pic

So what am I trying to get? It seems odd to me initially that two companies shares similar names or trademarks. I guess the people at Jinfeng probablly just let Mr. Zhou use their name because they are “friends”.

E-house China logo