International

Big Chinese real estate portal takes 20 percent stake in Century 21 China

With $51 million investment, SouFun becomes a 'strategic partner'

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SouFun, which claims to be China's leading real estate portal, is taking a $51 million stake in Century 21 China Real Estate, making it a "strategic partner" and the second-largest shareholder in the company. Century 21 China and SouFun said today they are forming a "mutually preferred strategic partnership" across business lines that includes advertising, e-commerce, listings services, Internet and real estate financing, and secondary and primary brokerage services. "SouFun's online strength will facilitate the upgrading of our franchise model, equipping our agents with better tools and systems to provide more integrated services to our customers, and allowing us to further expand the Century 21 China Real Estate franchise network," said Century 21 China CEO Donald Zhang in a statement. In its most recent report to investors, Century 21 China recorded a $6.6 million net loss for the quarter ending June 30. Revenue was down 42 percent from a year ago, to $19.8 million, as offi...