We believe our proprietary CRIC system, which operates under our subsidiary China Real Estate Information Corporation, or CRIC, contains the most comprehensive collection of real estate sales data in China covering information on land, residential, office and commercial spaces, as well as real estate related advertisements. In addition, our CRIC system contains data on local businesses and services, such as schools, transportation and hospitals. We built the CRIC system using in-house capabilities and have applied for copyright protections on the core technology, which was internally developed.
Our CRIC system consists of interlinked database, map, report and library functions. The map and library functions are features unique to our system that we believe, compared to in-house project databases developed by our competitors, contain more data points and more advanced search and analytical capabilities.
Our CRIC library contains internally generated market studies, topical studies, project feasibility studies, form market reports and periodicals, as well as a comprehensive collection of real estate news and articles. For each project, the database records the total architectural and residential GFA, floor plans, construction materials, percentage of green space and in many cases the commercials and promotional materials used for the sales and marketing of the project. For each unit, the database records the selling price, GFA of each room, title history as well as material used in home improvement. The relevant property information is searchable through string queries or by clicking on the corresponding map. The map also contains satellite or two-dimensional visual presentations of information on local businesses and services, such as metro stations, hospitals and schools in the surrounding area. Users can benefit from an assortment of tools built into the software, and are able to sort and generate reports based on an array of search fields.
We commenced a nationwide initiative in September 2007 to promote subscription to the CRIC system.In April 2008, we rolled out the latest version of the CRIC system and formally launched the fee-based CRIC subscription service.As our CRIC system expands its coverage, we are constantly increasing our efforts to market the CRIC subscription.