Telstra to sell stake in China website

Telstra Corporation Ltd says its will sell down its 51 per cent shareholding in
Chinese real estate website company SouFun Holdings Ltd as part of that company's
initial public offer (IPO) next year.
"The shareholders of SouFun Holdings Ltd today agreed to commence a process to
prepare SouFun for an IPO in 2010," Telstra said in a statement on Tuesday.
"Telstra proposes to sell down its shareholding as part of that process.
"Subject to regulatory requirements, further details will be provided as the process
proceeds.
Telstra bought its stake in SouFun for $US254 million ($A277.29 million) in August
2006.