IFM Investments Limited is a real estate services provider with the network of real estate sales offices in People�s Republic of China. It is the exclusive franchisor in People�s Republic of China for the CENTURY 21 brand. As of December 31, 2009, its CENTURY 21 China network covered 35 cities. The Company operates under three business lines: company-owned brokerage services, mortgage management services and franchise services. As of December 31, 2009, it had approximately 318 company-owned sales offices, representing approximately 28.4% of its CENTURY 21 China network. Its company-owned brokerage services business owns and operates regional sub-franchisors and sales offices in the CENTURY 21 China network. Its mortgage management services business provides mortgage advisory services to home buyers and home owners and interim guarantee services to commercial banks. In July 2011, it acquired majority interest in Beijing Shanggu.