Sina, E-House plan realty arms merger
By Wang Xing | China Daily | Updated: 2009-07-25 08:01
China's largest news portal Sina Corporation and real estate service provider E-House China Holdings said on Friday that they had agreed to combine their real estate information businesses and seek a US listing for the new company.
The two firms said that Sina will inject all of its online real estate business into its majority-owned subsidiary China Online Housing and merge it with CRIC Holdings, E-House's real estate information and consulting services subsidiary.
Sina, whose online real estate business revenue was approximately $31 million for the nine months ended December last year, will have 39 percent stake in CRIC, according to the agreement.
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