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Sina's Sweet Deal with China Real Estate Information PDF Print E-mail
Monday, 19 October 2009 11:37

China Real Estate Information Inc. (CRIC), the Chinese real estate market research leader, floated 18 million IPO shares at $12, the lower end of its proposed price range, this Thursday.

This company combines together CRIC, the real estate information and consulting service unit of E-House (EJ), and LeJu, the housing portal of Sina Corp (SINA), the biggest Internet portal in China. Both units are dominant in their respective markets. They can share a broader customer base when merged and their synergy is quite visible.
What interests me, though, is not the business, about which I am very positive by the way, but how the deal gets structured. The following statements appear in the prospectus:

In April 2008, CRIC BVI, through our subsidiary E-House (China) Information Technology Service Limited, or EIT, together with SINA, formed a joint venture, China Online Housing Technology Corporation, or China Online Housing, to build and operate a leading real estate website in China. EIT holds 34% of the equity interest in the joint venture.


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