Australian telecoms giant Telstra has paid 254 million US dollars for a majority stake in Chinese real-estate and home furnishing website SouFun Holdings.
Telstra chairman Sol Trujillo said the site was a market leader in China and would be managed by Sensis, which runs Telstra's online directories such as the yellow and white pages.
"SouFun provides an attractive entry point into China, one of the world's fastest growing economies, allowing Sensis to leverage core capabilities into a larger, faster growing and less mature market than Australia, with high-performing, internationally-experienced local management," he said in a statement.
Telstra chief financial officer John Stanhope said SouFun would be cash-flow positive "from day one" and was expected contribute net revenue of 52 million dollars in the 2007 financial year.
Sphere: Related Content
No comments:
Post a Comment