Soufun.com Sees 100% Profit Increase Following Acquisition

By TechSecurityChina.com Editor
November 06, 2006

Mo Tianquan, president and CEO of Soufun.com, says his company has seen a 100% profit increase following its acquisition by Telstra from Australia.

Mo made the remarks to local media and he reports that the company has developed rapidly since being acquired by Telstra in August. It has entered 56 cities in China, rather than originally planned 50 cities. Mo predicts that by 2008, the company’s profit rate would reach 20%-30%.

Both Mo and Sol Trujillo, CEO of Telstra, said that Telstra is shifting from a telecom company to a comprehensive media and communications company. They say that the investment that Telstra made in Soufun.com not only wins it market share in China, but also creates a new growth point for the company in the telecom value-added service sector.

Telstra acquired 51% of Soufun.com for CNY2.03 billion on August 31, 2006.

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