May
03

Chinese Property Portal SouFun Seeks Backdoor Mainland Listing

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  • Firm joins Wanda, Evergrande eyeing lofty valuations in China
  • Shell entity Chongqing Wanli surges by 10 percent daily limit

SouFun Holdings Ltd. plans to switch its stock listing from the U.S. to China, joining companies including Dalian Wanda Commercial Properties Co. that are seeking higher valuations on mainland stock exchanges.

SouFun, China’s biggest real estate web portal, is seeking to move its shares to the Shanghai stock exchange via a backdoor listing by acquiring a majority stake in storage-battery manufacturer Chongqing Wanli New Energy Co. Wanli will raise 3 billion yuan ($462 million) through private placements to purchase SouFun assets, Wanli said in a stock filing on Tuesday. The plan is pending regulatory approval…

Chinese Property Portal SouFun Seeks Backdoor Mainland Listing

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