Real estate website Soufun.com has seen its stock valuation increase on the back of surging online property services, pushing it closer to the ranks of China’s biggest developers by market capitalization, China Business News reported Thursday. The US-listed website is now valued at 40 billion yuan (US$6.58 billion) compared with 43 billion yuan for Evergrande Real Estate Group Ltd. (03333.HK), China’s seventh largest property developer. Soufun had revenue of less than 4 billion in 2013 against more than 100 billion yuan for Evergrande. With a virtual lock on the real estate information services market, Soufun could maintain its momentum even if China’s housing market slows, some analysts were quoted as saying.
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