According to a report by The Wall Street Journal on Oct 1, the Shanghai-based company plans to list on the Nasdaq Global Market under the CRIC symbol. The proceeds from the IPO would be used in part for capital expenditure.
The report added that earnings for China Real Estate in 1HFY09 were US$11 million on revenue of US$31.2 million, an increase of 34.5% from earnings of US$7.2 million on revenue of US$19.3 million a year ago.
According to a prospectus filed with the US Securities and Exchange Commission cited by Reuters, China Real Estate’s database holds information on approximately 38,200 developments and 24,200 parcels of land for development in 56 cities in China as of June 30.
The company is also reportedly in the process of acquiring Sina Corp, an online real estate business, after which China Real Estate will begin generating online advertising revenue. China Real Estate owns 34% of a joint venture with Sina; Sina in turn will own a substantial share in China Real Estate after the IPO depending on its size.
Citing a rebound in the equity market, the Wall Street Journal report also noted that Asia has become popular with regards to US IPO activity.
TOP PICKS BY EDGEPROP
Lebuhraya Putrajaya Cyberjaya (Jalan B15)