Rumor: Soufun Launching IPO to Attract Talent

National Business Daily, 12/03/09

A source within Chinese online real estate site Soufun has reported that the company is buying back shares held by company executives for later distribution, following a restructuring of internal management.

Earlier rumors stated that Soufun general managers were successively resigning in Shanghai, Tianjin and Nanjing and defecting to rival online real estate portal Sina House, operated by Sina (Nasdaq: SINA) subsidiary China Real Estate Information Corporation (Nasdaq: CRIC), giving Soufun "no choice" but to hastily launch an IPO to attract and retain talent.

An industry insider said that while Soufun may use equity to incentivize executives, Sina House may use cash bonuses to lure away high-end talent.

A source at Soufun denied the rumors, saying these speculations had no bearing on the current reshuffling.

Editor's Note: For more background on this topic, please see "Telstra to Sell Stake in Preparation for Soufun IPO" MD 12/01/09 issue.

Keywords: corporate restructuring HR Internet IPO online real estate SouFun CRIC China Real Estate Information Corporation Sina Sina House

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