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SouFun Plans $500M IPO

SouFun Holding, a property Web site in China, plans to raise about $500 million from an initial public offering. South China Morning Post reported that Hong Kong or New York would be the likely listing market. A spokesman for the Beijing-based company would not comment. In November, Australian telecommunication company Telstra Corp. said it planned to spin off the 51 percent-owned unit for an independent listing in 2008. SouFun CEO Vincent Mok and his partner Li Shan founded the company in 1999 with funding from IDG and Goldman Sachs.