The housing market may be dead in the US, but in China there is still significant activity. As a massive population continues its transition to a higher standard of living, millions of rural Chinese citizens are moving to large cities and are in need of housing. A real estate bubble may be in the works, but it is certainly a long way from popping.

E-House Holdings (EJ) is a leading real-estate company serving this growing need. The firm currently operates a large real estate agency with brokerage services. It also has a consulting and information services business which allows clients to have access to a huge database of information. This information will be spun off to investors in a complicated transaction this week. The new IPO will be China Real Estate Information Corp (CRIC).