China’s Real Estate Portal E-House Merges CRIC

NYSE-listed Chinese real estate service provider E-House yesterday announced the completion of the merger with China Real Estate Information Corporation (NASDAQ: CRIC).

CRIC now became a wholly owned subsidiary of E-House after the merger.

Zhou Xin, co-chairman and CEO of E-House commented on the deal saying that it was overwhelmingly supported by the boards and shareholders of both sides. The housing portal’s strategy of providing innovative and comprehensive solutions to its clients inspires the company to deliver on its aspirations. Last year, E-House established a new service platform that integrates online advertising, offline promotion, on-site sales and online transaction capabilities. The platform has effectively connected real estate buyers, developers and brokers, bringing along enhanced customer sourcing for developers and improved value for buyers.

E-House believes the post-merger company will be an integrated real estate service provider with online-to-offline resources, distribution channels, and transaction platforms, which will enable it to thrive under the evolving Chinese real estate market.

E-House and CRIC went public in August 2007 and October 2009 respectively.

screenshot of CRIC official site