Telstra to Float Chinese Real Estate Website Soufun
Soufob chairman is reported as saying to the Reuters Global Real Estate Summin in June, that the company was hoping to float in Hong Kong, and the US, because of strict Chinese regulations making it potentially more difficult on the mainland.
The other shareholders sin SouFun are US venture capital group IDG, and executives.
SouFun is aiming for profit of at least 50 per cent this year. The float value is speculated to be more than $US1 billion. The website gets 95 per cent of its revenues from online property listings, and has about 60 per cent of the Chinese market – reported to be worth between $240 million and $287 million this year.
Plans to float SouFun were proposed before the economic downturn.
