While the real estate market languishes in the United States and new home sales decline to anemic levels, China housing statistics show a very different picture. As the population streams into urban areas to take advantage of modernization trends, real estate developers can hardly keep up with the demand for new housing. E-House China (EJ) enters this market as a property agent that contracts with developers to sell their housing units. The business is extremely profitable as there are few fixed costs associated with building its franchise, and a thriving market generates rapid revenue growth.