E-House (China) Enterprise Holdings Limited (Initial Issuer Report)

The Issuer Rating reflects E-House (China) Enterprise Holdings Limited (“E-House” or “the company”)’s low financial leverage, strong pipelines of development project listings, and close alliance with many leading Chinese property developers as its strategic shareholders.
The Stable Outlook of E-House’s rating reflects our expectation that E-House would maintain a sustainable revenue growth from its real estate agency services while its revenue from brokerage service networks would likely enjoy a rapid growth upon its complete implementation of platform and intake of independent brokers into its brokerage networks.