Bulgari Jewelers’ Famous Villa Sold

FLORENCE, Italy, October 6, 2014 /PRNewswire/ —

Named by the writer Gabriele D’Annunzio and frequented by Italian film stars, Villa Godilonda has an impressive history. 

One of the most beautiful villas on the Tuscan coast has been sold: Villa Godilonda in Castiglioncello, previously the residence of the Bulgari jewellers. It has been bought by a businessman from Eastern Europe for six million euros, revealed Lionard Luxury Real Estate which negotiated the sale. Renovation work will begin shortly to create one of the most luxurious and beautiful hotels in the world.

     (Logo: http://photos.prnewswire.com/prnh/20140724/697778-a )
     (Photo: http://photos.prnewswire.com/prnh/20141006/709396-a )
     (Photo: http://photos.prnewswire.com/prnh/20141006/709396-b )

It is said that Gabriele D’Annunzio (one of Italy’s most important writers, poets, playwright and politician) gave it the name Godilonda, from “godi l’onda” or “enjoy the waves”, after having spent a romantic and passionate night here at the beginning of the twentieth century. Built at the end of the nineteenth century, in 1924 it was bought by the American Carter family and after the war became the summer residence of the Bulgari family, before being transformed in the eighties into a hotel where famous Italian actors like Marcello Mastroianni stayed while visiting Castiglioncello. In 2007 it was closed indefinitely.

Constructed on the extreme point of a promontory, the property is composed of the main villa of roughly 1700m2 with 8 bedrooms, a winter garden, a spa and 11000 square meters of park and Mediterranean scrub with a private beach. After the degradation of the last years, the villa can finally live again, and contribute to the relaunch of one of Tuscany’s most beautiful seaside resorts.

The sale of Villa Godilonda is just the latest operation concluded at Castiglioncello by Lionard Luxury Real Estate.

PICTURES IN HIGH DEFINITION HERE: http://press.lionard.com

Lionard Luxury Real Estate 

Founded in 2008 by a young Florentine businessman, Dimitri Corti, in just a few years it became the leading real estate company in Italy operating in the luxury sector. Lionard manages a portfolio of over 1000 properties with an average value of between 5 to 10 million euros.

For further information
Lionard
Florence, Via dei Banchi 6 (Ang. Piazza S. Maria Novella)
Tel. +39-055-0548100
http://www.lionard.com/
http://www.lionard.com/sold-godilonda-ex-bulgari-villa-castiglioncello.html

Sterling Financial launches New Providence Opportunity Fund, A Real Estate Investment Fund, and Announces Its First Real Estate Acquisition

— “The New Providence Opportunity Fund, Ltd. presents an excellent opportunity to investors to capitalize on decades of property experience of its Sponsor and it drives significant synergies with the existing fixed income mortgage funds managed by Sterling Financial Group, Inc.”

NASSAU, The Bahamas, Aug. 22, 2014 /PRNewswire/ — Nassau, The Bahamas based Sterling Financial Group (“Sterling”), announces the launch of the New Providence Opportunity Fund, Ltd. (the “Fund”). The Fund is a closed-end equity investment fund consisting of high net worth and institutional investors, which targets diverse real estate investment and development opportunities in the United States, Canada and the Caribbean.

The Fund seeks to benefit from Sterling’s access to fundamentally sound real estate investments including development opportunities that were financially challenged by the Recession. The Fund will be active in markets where Sterling has both extensive real estate experience and existing platforms. Leveraging its relationships with developers, real estate private equity firms, private family investors, entrepreneurs and financial institutions, the Sponsor will identify opportunities, and upon acquisition, provide value-add initiatives to maximize total returns.

“We are pleased to bring New Providence Opportunity Fund to the market,” said Steve Tiller, President and COO of Sterling “We believe that the combination of our extensive real estate investment, development and management capability and a highly efficient funding structure, is a recipe for success for many investors in today’s market,” Tiller continued. David Kosoy, Sterling’s Chairman and CEO added, “we are pleased to add this fund to our other real estate offerings available, and I believe it is a great complement to our platform.”

Simultaneously with the first closing of the Fund, Sterling is also announcing the acquisition and further development of Ocean Terrace, an existing ocean front condominium project located in the West end of New Providence island. The acquisition includes additional green-field acreage for future development.

“Ocean Terrace is now under new ownership and we are revitalizing a project that has been idle for some time. It is a true sign of strong improvements currently experienced in the Nassau real estate market and especially in the highly sought after western district. The project is an excellent addition to the notable projects that Sterling is involved in and it is a terrific complement to our portfolio”, added Tiller.

The Sterling platform focuses on providing access to alternative market opportunities without compromising the North American standard for risk management, operational efficiency and regulatory requirements. Sterling leverages a management team with interdisciplinary real estate experience, a strong internal infrastructure and partnerships with leading service providers in order to capitalize on unique real estate investments and structures.

Kosoy further noted, “We have seen an increased demand from investors for quality real estate projects and funds that would diversify their exposure to traditional investments as well as providing attractive returns. We are pleased that we can offer a proven strategy on a tried and tested platform to a wider base of offshore and onshore investors through a product that has a potential to significantly enhance and diversify their portfolios.”

Sterling Financial Group, Inc., a fully integrated and diversified real estate investment, development, management and services company that has an established track record of successes in the real estate industry. Over the past 40 years, Sterling and its principals have acquired over 5.5 million square feet of commercial real estate at a combined purchase price of over $2 billion. Prior to founding Sterling, the principals had previously been part of the controlling group of a publicly traded real estate company, which acquired and managed a portfolio of more than 20 million square feet of real estate across North America. Sterling is headquartered in Nassau, Bahamas.
www.sterlingbahamas.com

NPOF Launch Press Release
For further information please contact:

Sterling Financial Group
T: +1-242-677-1900
E: cwalker@SterlingBahamas.com

Sharell Carroll
SageEden Media Group
T: +1-242-356-0646
info@sharellcarroll.com

Notes for Editors

ABOUT STERLING FINANCIAL GROUP INC.
Sterling Financial Group is a Nassau, Bahamas based, financial services business founded in 2006. The company is privately owned and is regulated by the Securities Exchange Commission under the Financial Service and Corporate Providers Act.

The series of real estate and mortgage funds managed by Sterling invest and profit from a portfolio of privately held real estate investments and mortgage loans. The business is administered by David Kosoy and Steve Tiller and other respected real estate professionals who collectively have significant experience in the real estate and mortgage lending markets. The principals of Sterling have a track record over the past 40 years of successfully and consistently generating profits in the real estate investments and mortgage lending sectors in Canada, the Bahamas, the U.S. and the U.K.

APAC Hospitality Investments in 2013 Highest in 5 Years

1H 2014 continues to see healthy level

HONG KONG, Aug. 21, 2014 /PRNewswire/ — Cushman & Wakefield, Global Real Estate Consultancy, in their latest report on the hotel markets across 17 gateway cities and prime destinations in Asia and Australia, reported that hospitality investment market in the Asia Pacific reached a record high transaction volume of US$12.83 billion in 2013, the highest in the last 5 years and over 30% higher than 2012.

There had been a substantial weight of capital invested in the core markets with mainland China accounting for US$2.636 billion or 20.5% of the total investment volume, Singapore the second largest market at US$2.634 billion, followed by Japan at US$2.610 billion and Australia at US$2.271 billion. Hotel investments were also more widespread across the region in 2013, where emerging and non-core markets like Cambodia, Macau, Maldives saw some assets changing hands.

Akshay Kulkarni, Regional Director of Cushman & Wakefield’s Hospitality Services for South Asia and Southeast Asia said: “Hospitality investment volume in 2013 more than doubled since 2008 and can be attributed to the excess liquidity, the low borrowing costs and the region’s favourable tourism growth and outlook.”

The cities included in the report are Singapore, Hong Kong, Tokyo, Bali, Seoul, Mumbai, National Capital Region (India), Bangkok, Shanghai, Jakarta, Kuala Lumpur, Beijing, Ho Chi Minh City, Sydney, Melbourne, Perth and Brisbane. 

In the first half of 2014, total investment volume of hospitality assets reached US$5.203 billion, which is 9.5% higher compared to the same period last year. While the core markets of Japan, Singapore, mainland China and Australia are still the most traded ones and constitute about 68.8% of the investment volume, other emerging markets such as Philippines, Malaysia, Sri Lanka and Indonesia have experienced higher investment quantum compared to the same period last year.  For 2014, Cushman & Wakefield expects the hospitality investment market to moderate, and likely to close at US$9.0 to US$10.5 billion.

Table 1 : Asia Pacific Hospitality Investment Volume in US$ (million)

Countries/regions

2013

2012

2013 H1

2014 H1

Australia

2,271.06

2,699.10

592.42

654.27

Cambodia

6.40

8.71

Mainland China

2,636.26

1,558.60

787.56

1,678.62

Hong Kong

1,155.03

1,022.10

400.53

246.77

India

141.28

89.70

89.37

84.31

Indonesia

14.00

31.61

55.91

Japan

2,609.65

2,337.51

1,234.71

881.74

Korea

40.12

241.39

31.47

91.53

Macau

419.05

115.97

Malaysia

137.29

123.15

57.41

309.18

Philippines

35.85

96.34

35.85

204.16

Singapore

2,634.34

742.80

974.08

364.65

Sri Lanka

42.33

8.67

7.73

30.24

Taiwan

55.80

288.38

40.03

6.82

Thailand

205.11

350.67

176.22

166.76

Vietnam

246,04

184.28

246.04

44.66

Others (incl. Maldives)

181.94*

77.34

249.57

Total

12,831.55

9,774.29

4,750.76

5,202.58

Source: RCA Analytics, Cushman & Wakefield Hospitality

In 1H 2014, some notable transactions include the 5-star Park Hyatt in Melbourne sold by the GIC Pte Ltd to Hongkong-based Fu Wah Group for US$120.5 million (or US$502,000 / key), Hilton Hua Hin Hotel sold to Thai-listed Saha-Union PLC for US$98.9 million (or US$334,000 / key) and Sutera Harbour Resort at Kota Kinabalu grsold to SGX-listed GSH Corporation for US$275.7 million (or US$288,000 / key).

Kulkarni added, “We expect the balance of 2014 to equal or come close last year’s level in terms of transactional activity. Japan has already seen significant investment volume and will undoubtedly improve further and lead the pack, due to strong corporate demand and greater investor optimism arising from Abe’s economic reforms. Lower hotel transaction volume is expected for Singapore this year compared to last year, at least in the organized institutional side. However with the change in norms on the shop houses those that have approved hotel licenses will see high guest demand.

Mainland China in the first half of this year has seen investments of over US$1.5 billion. This obviously shows significant confidence in the markets and their potential, and also indicative of the fact that assets may be trading at below par and there is an eventual upside. However given the current trading performances in the key Chinese markets and also the relative slowdown of the economy the forecast in terms of investments is that these volumes will taper.

Some of those that gain would be India as it will see a significant rise due to the change in approach to debt service and banking norms forcing asset restructuring companies to offload some of their stocks. This in addition with the positive way in terms of the political climate provides India with a significant opportunity to attract a significant share of the regional investments.”

Thailand, Indonesia, and to some extent, Philippines, Sri Lanka could see more exciting times ahead with some major transactions to be closed. Emerging countries such as Myanmar and Cambodia have seen some renewed interest and could become viable investment destinations.”

There were a few hotel portfolio transactions in 1H 2014, especially in Japan. Anabuki Kosan acquired 9 three-star and budget Comfort Hotels for US$58.4 million from Taisei Yuraku Real Estate Company, while Hoshino REIT acquired 21 Chisun Inn hotels from Lone Star for US$136.9 million. India-based DLF Global Hospitality had sold its Amanresort chain of 27 luxury hotels to Adrian Zecha and Peak Hotels for US$358 million

Cushman & Wakefield studied the hotel investment transactions in the past 18 months, covering gateway cities in Asia Pacific. The most expensive hotel investment market in terms of value per key in US$ is Hong Kong. The Chinese territory saw the Mercer by Kosmopolitan transacted at US$1.36 million. Singapore is ranked second at US$1.24 million, having seen the sale of the 305-room Westin Marina Bay to Daisho Group at US$369 million last December.  Third on the list is Tokyo at US$846,000 arising from the Yaesu Fujiya Hotel which would be redeveloped into an office building.

Kulkarni added, “Hotel assets in Singapore and Hong Kong have high selling price per room due to the high earnings multiples and the potential for capital appreciation ahead. Buyer competition for prime institutional quality assets in these two cities remain intense, and there is a shortage of such assets for sale. For Singapore market, it would be ideal to hold if your assets are of prime quality as there is some room for additional asset appreciation. In Hong Kong, smaller sized assets are highly sought after, and can be repositioned with higher upside in rates and value.”

To see the full version of this release, click here: http://photos.prnasia.com/prnk/20140821/8521404706-a

About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge. In Greater China, Cushman & Wakefield maintains seven market-leading offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Hong Kong and Taipei. More information is available at www.cushmanwakefield.com.

Leju Reports Second Quarter 2014 Results

BEIJING, August 20, 2014 /PRNewswire/ — Leju Holdings Limited (“Leju” or the “Company”) (NYSE: LEJU), a leading online-to-offline (“O2O”) real estate services provider in China, today announced its unaudited financial results for the fiscal quarter ended June 30, 2014.

Second Quarter 2014 Financial Highlights

  • Total revenues increased by 63% year-on-year to $117.4 million
    • Revenues from e-commerce services increased by 159% year-on-year to $68.3 million
    • Revenues from online advertising services increased by 11% year-on-year to $44.8 million
    • Revenues from listing services decreased by 15% year-on-year to $4.2 million
  • Non-GAAP[1] income from operations increased by 83% to $24.1 million in the second quarter of 2014 from $13.2 million in the same quarter of 2013
  • Non-GAAP net income attributable to Leju shareholders was $20.5 million, or $0.15 per diluted American depositary share (“ADS”) in the second quarter of 2014, representing an increase of 78% compared to $11.5 million, or $0.10 per diluted ADS, in the same quarter of 2013

First Half 2014 Financial Highlights

  • Total revenues increased by 75% year-on-year to $195.9 million
    • Revenues from e-commerce services increased by 188% year-on-year to $118.0 million
    • Revenues from online advertising services increased by 12% year-on-year to $69.4 million
    • Revenues from listing services increased by 1% year-on-year to $8.5 million
  • Non-GAAP income from operations was $32.5 million in the first half of 2014, increasing by 208% from $10.6 million in the same period of 2013
  • Non-GAAP net income attributable to Leju shareholders was $28.1 million, or $0.22 per diluted ADS in the first half of 2014, increasing by 290% from $7.2 million, or $0.06 per diluted ADS, in the same period of 2013

“We are pleased that Leju was able to deliver strong results in the second quarter despite various industry headwinds,” said Mr. Geoffrey He, Leju’s chief executive officer. “We have stayed focused on implementing our mobile strategy, which has allowed us to anticipate and address new market demands. Our Weixin Home Promotion launched in June received an overwhelmingly positive response, and we expect our recently launched mobile products for both e-commerce and listing services will further enhance our interaction with customers. Going forward, Leju plans to continue its emphasis on O2O services and product innovation, and we look forward to cooperating with our partners to provide comprehensive products and services for our clients.”

Mr. He added, “The real estate market in China experienced a substantial slowdown this year, which has led to some loosening of restrictive government policies and an indication that more loosening may be ahead. Current market conditions have also prompted a number of developers to show pricing flexibility while boosting their marketing efforts. We believe these trends will have a positive effect on the market in the second half of the year. “

Second Quarter 2014 Results

Total revenues were $117.4 million, an increase of 63% from $71.9 million for the same quarter of 2013, mainly driven by the growth of revenues from e-commerce services.

Revenues from e-commerce services were $68.3 million, an increase of 159% from $26.4 million for the same quarter of 2013, primarily due to a 107% increase in discount coupons redeemed[2], as a result of the expansion of the Company’s e-commerce business through partnerships with additional property developers.

Revenues from online advertising services were $44.8 million, an increase of 11% from $40.5 million for the same quarter of 2013, primarily due to revenue growth in both the Company’s new home and home furnishing channels.

Revenues from listing services were $4.2 million, a decrease of 15% from $5.0 million for the same quarter of 2013, mainly due to the slowdown in secondary home sales.

Cost of revenues was $11.7 million, a decrease of 36% from $18.4 million for the same quarter of 2013, primarily due to decreased fees paid to third parties for services in connection with the Company’s listing business and decreased amortization of intangible assets as the Company’s exclusive rights with Baidu were extended to March 2015 at no additional cost and the Company’s advertising agency agreement with SINA was extended to March 2024 at no additional cost.

Selling, general and administrative expenses were $88.5 million, an increase of 86% from $47.6 million for the same quarter of 2013, primarily due to increased marketing expenses related to the growth of the Company’s e-commerce business, along with increased staff costs resulting from increased headcount.

Income from operations was $18.5 million in the second quarter of 2014, an increase of 211% from $6.0 million in the same quarter of 2013. Non-GAAP income from operations was $24.1 million, an increase of 83% from $13.2 million in the same quarter of 2013.

Net income was $15.6 million, an increase of 170% from $5.8 million in the same quarter of 2013. Non-GAAP net income was $20.8 million, an increase of 78% from $11.7 million in the same quarter of 2013.

Net income attributable to Leju shareholders was $15.4 million, or $0.12 per diluted ADS, an increase of 170% from $5.7 million, or $0.05 per diluted ADS, for the same quarter of 2013. Non-GAAP net income attributable to Leju shareholders was $20.5 million, or $0.15 per diluted ADS, an increase of 78% from $11.5 million, or $0.10 per diluted ADS, for the same quarter of 2013.

First Half 2014 Results

Total revenues were $195.9 million, an increase of 75% from $111.7 million for the same period of 2013, mainly driven by growth of revenues from e-commerce services.

Revenues from e-commerce services were $118.0 million, an increase of 188% from $41.1 million for the same period of 2013, primarily due to a 127% increase in discount coupons redeemed, as a result of the expansion of the Company’s e-commerce business through partnerships with additional property developers.

Revenues from online advertising services were $69.4 million, an increase of 12% from $62.2 million for the same period of 2013, primarily due to revenue growth in the Company’s new home and home furnishing channels.

Revenues from listing services were $8.5 million, compared to $8.4 million for the same period of 2013, primarily due to the slowdown in secondary home sales.

Cost of revenues was $23.9 million, a decrease of 29% from $33.7 million for the same period of 2013, primarily due to a decrease in fees paid to third parties for services in connection with the Company’s listing business and decreased amortization of intangible assets as the Company’s exclusive rights with Baidu were extended to March 2015 at no additional cost and the Company’s advertising agency agreement with SINA was extended to March 2024 at no additional cost.

Selling, general and administrative expenses were $153.0 million, an increase of 87% from $81.7 million for the same period of 2013, primarily due to increased marketing expenses related to the growth of the Company’s e-commerce business, along with increased staff costs resulting from increased headcount.

Income from operations was $20.5 million, compared to loss from operations of $3.7 million in the same period of 2013. Non-GAAP income from operations was $32.5 million, an increase of 208% from $10.6 million in the same period of 2013.

Net income was $17.4 million, compared to a net loss of $4.0 million in the same period of 2013. Non-GAAP net income was $28.0 million, an increase of 276% from $7.4 million in the same period of 2013.

Net income attributable to Leju shareholders was $17.6 million, or $0.14 per diluted ADS, compared to net loss attributable to Leju shareholders of $4.1 million, or a loss of $0.03 per diluted ADS, for the same period of 2013. Non-GAAP net income attributable to Leju shareholders was $28.1 million, or $0.22 per diluted ADS, an increase of 290% from $7.2 million, or $0.06 per diluted ADS, for the same period of 2013.

Cash Flow

As of June 30, 2014, the Company’s cash and cash equivalents balance was $228.6 million.

Second quarter 2014 net cash provided by operating activities was $18.5 million, mainly attributable to non-GAAP net income of $20.8 million. Net cash used in investing activities was $7.0 million, mainly comprised of a payment of $5.7 million to Baidu related to the exclusive rights agreement. Net cash provided by financing activities was $117.8 million, mainly comprised of net proceeds of $121.1 million from the Company’s initial public offering (the “IPO”) on the New York Stock Exchange in April 2014.

Business Outlook

The Company maintains its previous fiscal year 2014 total revenue guidance of approximately $500 million to $520 million, which would represent an increase of approximately 49% to 55% from $335.4 million in 2013. This forecast reflects the Company’s current and preliminary view, which is subject to change.

Conference Call Information

Leju’s management will host an earnings conference call on August 20, 2014 at 7 a.m. U.S. Eastern Time (7 p.m. Beijing/Hong Kong time).

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

U.S./International: +1-631-514-2526
Hong Kong: +852-5808-3202
Mainland China: +86-10-4001-200-539

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is “Leju earnings call.”

A replay of the conference call may be accessed by phone at the following number until August 27, 2014:

International: +1-866-846-0868
Passcode: 2892533

Additionally, a live and archived webcast will be available at http://ir.leju.com.

About Leju

Leju Holdings Limited (“Leju”) (NYSE: LEJU) is a leading online-to-offline, or O2O, real estate services provider in China, offering real estate e-commerce, online advertising and online listing services. Leju’s integrated online platform comprises various mobile applications along with local websites covering more than 250 cities, enhanced by complementary offline services to facilitate residential property transactions. In addition to the Company’s own websites, Leju operates the real estate and home furnishing websites of leading internet companies such as SINA Corporation and Baidu Inc., and maintains a strategic partnership with Tencent Holdings Limited. For more information about Leju, please visit http://ir.leju.com.

Safe Harbor: Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Leju may also make written or oral forward-looking statements in its reports filed or furnished with the U.S. Securities and Exchange Commission, 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 Leju’s beliefs and expectations, are forward-looking statements that 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. Such factors include, but are not limited to, fluctuations in China’s real estate market; the highly regulated nature of, and government measures affecting, the real estate and internet industries in China; Leju’s ability to compete successfully against current and future competitors; its ability to continue to develop and expand its content, service offerings and features, and to develop or incorporate the technologies that support them; its limited operating history and lack of experience as a stand-alone public company, given its recent carve-out from E-House and prior reliance on E-House for various corporate services; its reliance on SINA, Baidu and others with which it has developed, or may develop in the future, strategic partnerships; substantial revenue contribution from a limited number of real estate markets; complexities resulting from its ongoing relationships with E-House, due to E-House’s controlling interest in Leju; and relevant government policies and regulations relating to the corporate structure, business and industry of Leju. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Leju’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders 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 “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Leju 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 Leju’s operating performance. These non-GAAP financial measures also facilitate management’s internal comparisons to Leju’s historical performance and assist its financial and operational decision making. A limitation of using these non-GAAP financial measures is that share-based compensation expense and amortization of intangible assets resulting from business acquisitions may continue to exist in Leju’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 provide 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:

Ms. Melody Liu
Leju Holdings Limited
Phone: +86 (10) 5895-1062
E-mail: ir@leju.com

Mr. Derek Mitchell
Ogilvy Financial, Beijing
Phone: +86 (10) 8520-3073
E-mail: leju@ogilvy.com

In the United States:

Mr. Justin Knapp
Ogilvy Financial, U.S.
Phone: +1 (616) 551-9714
E-mail: leju@ogilvy.com

[1] Leju uses in this press release the following non-GAAP financial measures: (1) income (loss) from operations, (2) net income (loss), (3) net income (loss) attributable to Leju shareholders, (4) net income (loss) attributable to Leju shareholders per basic ADS, and (5) net income (loss) attributable to Leju shareholders per diluted ADS, each of which excludes share-based compensation expense and amortization of intangible assets resulting from business acquisitions. See “About Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” below for more information about the non-GAAP financial measures included in this press release.

[2] See “Selected Operating Data” below for more details on the discount coupons sold and redeemed.

LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEET

(In thousands of U.S. dollars)

December 31,

June 30,

2013

2014

ASSETS

Current assets

Cash and cash equivalents

98,730

228,551

Accounts receivable, net

87,316

113,246

Deferred tax assets, net

27,714

27,462

Prepaid expenses and other current assets

5,556

8,592

Amounts due from related parties

3,472

12

Total current assets

222,788

377,863

Property and equipment, net

7,028

6,882

Intangible assets, net

128,530

116,173

Investment in affiliates

251

136

Goodwill

40,611

40,491

Other non-current assets

3,730

3,737

Total assets

402,938

545,282

LIABILITIES AND EQUITY

Current liabilities

Accounts payable

1,423

477

Accrued payroll and welfare expenses

30,504

33,789

Income tax payable

41,437

43,867

Other tax payable

18,514

20,922

Amounts due to related parties

4,501

4,733

Advance from customers and deferred revenue

7,163

7,579

Liability for exclusive rights, current

8,968

3,251

Other current liabilities

11,074

27,200

Total current liabilities

123,584

141,818

Deferred tax liabilities

27,564

27,559

Total liabilities

151,148

169,377

Equity

Ordinary shares ($0.001 par value): 500,000,000 and
500,000,000 shares authorized, 120,000,000 and
133,529,420 shares issued and outstanding, as of December
31, 2013 and June 30, 2014, respectively

120

134

Additional paid-in capital

686,378

795,322

Accumulated deficit

(443,294)

(426,232)

Subscription receivables

(120)

————

Accumulated other comprehensive income

5,622

5,083

Total Leju equity

248,706

374,307

Non-controlling interests

3,084

1,598

Total equity

251,790

375,905

TOTAL LIABILITIES AND EQUITY

402,938

545,282


LEJU 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,

2013

2014

2013

2014

Revenues

E-commerce

26,365

68,311

41,055

118,032

Online advertising services

40,486

44,814

62,220

69,416

Listing services

5,001

4,238

8,401

8,456

Total revenues

71,852

117,363

111,676

195,904

Cost of revenues

(18,398)

(11,726)

(33,742)

(23,862)

Selling, general and administrative expenses

(47,636)

(88,485)

(81,725)

(152,952)

Other operating income

141

1,356

141

1,378

Income (loss) from operations

5,959

18,508

(3,650)

20,468

Interest income

238

216

434

429

Other income (expenses), net

(421)

77

(801)

63

Income (loss) before taxes and equity in
affiliates

5,776

18,801

(4,017)

20,960

Income tax benefit (expense)

8

(3,102)

(5)

(3,458)

Income (loss) before equity in affiliates

5,784

15,699

(4,022)

17,502

Loss from equity in affiliates

————

(68)

————

(114)

Net income (loss)

5,784

15,631

(4,022)

17,388

Less: net income (loss) attributable to
non-controlling interests

89

260

96

(225)

Net income (loss) attributable to Leju
shareholders

5,695

15,371

(4,118)

17,613

Earnings (loss) per share:

Basic

0.05

0.12

(0.03)

0.14

Diluted

0.05

0.12

(0.03)

0.14

Shares used in computation:

Basic

120,000,000.08

130,126,703

120,000,000

125,063,352

Diluted

120,000,000.08

133,029,471

120,000,000

127,453,210

Note 1

The conversion of Renminbi (“RMB”) amounts into USD amounts is based on the rate of USD1 = RMB6.1528 on June 30, 2014 and USD1 = RMB6.1581 for the three months ended June 30, 2014


LEJU HOLDINGS LIMITED

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

Three months ended

Six months ended

June 30,

June 30,

2013

2014

2013

2014

Net income (loss)

5,784

15,631

(4,022)

17,388

Other comprehensive income (loss), net of tax

of nil:

Foreign currency translation adjustment

1,018

161

1,594

(654)

Comprehensive income (loss)

6,802

15,792

(2,428)

16,734

Less: Comprehensive income (loss) attributable
to non-controlling interest

128

249

157

(335)

Comprehensive income (loss) attributable to
Leju shareholders

6,674

15,543

(2,585)

17,069

LEJU HOLDINGS LIMITED

Unaudited 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,

2013

2014

2013

2014

(unaudited)

(unaudited)

(unaudited)

(unaudited)

GAAP income (loss) from operations

5,959

18,508

(3,650)

20,468

Share-based compensation expense

1,751

2,361

3,210

4,038

Amortization of intangible assets resulting from business
acquisitions

5,503

3,272

11,006

8,021

Non-GAAP income from operations

13,213

24,141

10,566

32,527

GAAP net income (loss)

5,784

15,631

(4,022)

17,388

Share-based compensation expense (net of tax)

1,751

2,361

3,210

4,038

Amortization of intangible assets resulting from

business acquisitions (net of tax)

4,127

2,762

8,254

6,550

Non-GAAP net income

11,662

20,754

7,442

27,976

Net income (loss) attributable to Leju Shareholders

5,695

15,371

(4,118)

17,613

Share-based compensation expense

(net of tax and non-controlling interests)

1,751

2,361

3,210

4,038

Amortization of intangible assets resulting from business
acquisitions (net of tax and non-controlling interests)

4,057

2,732

8,112

6,464

Non-GAAP net income attributable to Leju shareholders

11,503

20,464

7,204

28,115

GAAP net income (loss) per ADS ———— basic

0.05

0.12

(0.03)

0.14

GAAP net income (loss) per ADS ———— diluted

0.05

0.12

(0.03)

0.14

Non-GAAP net income per ADS ———— basic

0.10

0.16

0.06

0.22

Non-GAAP net income per ADS ———— diluted

0.10

0.15

0.06

0.22

Shares used in calculating basic GAAP / non-GAAP net
income (loss) attributable to shareholders per ADS

120,000,000

130,126,703

120,000,000

125,063,352

Shares used in calculating diluted GAAP / non-GAAP net
income (loss) attributable to shareholders per ADS

120,000,000

133,029,471

120,000,000

127,453,210

LEJU HOLDINGS LIMITED

SELECTED OPERATING DATA

Three months ended

Six months ended

June 30,

June 30,

2013

2014

2013

2014

Operating data for e-commerce services

Number of discount coupons issued to
prospective purchasers (number of
transactions)

40,274

89,524

63,399

137,964

Number of discount coupons redeemed (number
of transactions)

24,072

49,724

36,768

83,596