We just discussed this yesterday in [E-House Holdings in Investors Business Daily] - looks like the SINA/EJ IPO is relatively close to fruition. Out this morning in Reuters

  • China Real Estate Information Corp, a provider of real estate information and consulting services, is planning to raise up to $200 million in a U.S.-listed initial public offering.
  • The company, a Shanghai-based unit of real estate services company E-House China Holdings Ltd (EJ.N), operates a database that held information on about 38,200 developments or buildings and 24,200 parcels of land for development in 56 cities in China as of June 30, according to a prospectus filed with the U.S. Securities and Exchange Commission.
  • The company plans to buy the online real estate business operated by Sina Corp, a Chinese media company which in turn would acquire a large stake in China Real Estate Information following the IPO. E-House will remain its parent company and controlling shareholder after the offering.
  • China Real Estate plans to list its American depositary shares on the NASDAQ Global Market under the symbol CRIC. No expected timing for the IPO was detailed in the filing.
  • China Real Estate Information revenues rose 61.8 percent to $31.2 million in the first six months of 2009 from the year-earlier period, with net income of $11 million.

Not too shabby, 61% growth and profitable, net income at a staggering 30% of revenue.

But as an American I'd much rather bid up these companies shrinking their way to prosperity and bidding at 70-90x forward estimates. Or no profits at all..

Long E-House Holdings in fund; no personal position