CRIC to Operate Baidu Real Estate Channels

PRNewswire, 5/13/10

Chinese online real estate service provider China Real Estate Information Corporation (Nasdaq: CRIC) today announced that it has entered into a strategic cooperation agreement with Chinese internet company Baidu (Nasdaq: BIDU).

Under the cooperation agreement entered into between CRIC and Baidu, CRIC obtains the exclusive right to build and operate all of Baidu's web channels related to real estate and home furnishing, including, among others, house.baidu.com, leju.baidu.com and jiaju.baidu.com. CRIC will retain all revenues generated from these channels.

CRIC plans to launch Baidu's new real estate and home furnishing channels in August 2010. CRIC will pay Baidu a total of RMB 200 mln (approximately USD 29.3 mln) over the four-year term of the cooperation agreement for the exclusive right to build and operate these channels.

Keywords: Internet online real estate Baidu BIDU CRIC

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