E-house +++

Net Income

Net income was $22.4 million for the fourth quarter in 2007, an increase of 32% from $17.0 million for the same period in 2006. For the full year 2007, net income was $41.7 million, an increase of 130% from $18.1 million in 2006.

Cash Flow

As of December 31, 2007, the Company had a cash balance of $101.1 million. Net cash outflow from operating activities was $73.4 million in the fourth quarter of 2007 and $81.3 million for the full year of 2007, compared to a net cash outflow of $7.9 million for 2006. The increase in cash outflow from operating activities in 2007 was mainly due to an increase in payments of customer deposits by approximately $120 million compared to 2006 as part of the Company's drive to build up its project pipeline.

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