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58.com, a Chinese online classifieds market announced on Friday that it has acquired astrategic stake in one of its competitors, Ganji Inc. It has agreed to acquire a 43.2 percent fully diluted stake in Ganji, including 34 million in stockshares and $412.2 million in cash, according to the company’s statement. Yang Haoyong, the founder of Ganji.com, will become one of the co-chief executives alongwith Yao Jinbo, founder of 58.com. The new combined group is expected to be valued at as much as $10 billion, according to aFinancial Times report published on Wednesday. The newspaper wrote that both sides have signed a memorandum of understanding in Beijingon March 14, citing people familiar with the matter. The two online companies provide a range of online advertising listings including job adverts,housing and used goods trading. According to the report, currently 58.com is about twice asbig as Ganji.com in terms of market value. 58.com is one of Chinese largest online classified marketplaces. It has acquired Shanghai–based real estate Internet platform Anjuke Inc in stock and cash valued at $267 million lastmonth. According to the CEO Yao, 58.com aims to be the biggest real estate market informationprovider by users and revenue. Ganji Inc, the online and mobile-based classified advertising operator received $200 millioninvestment from global alternative asset manager Carlyle Group LP last August. ChinaDaily By joining forces, the two are expected to reduce marketing costs substantially, thenewspaper wrote.

Foreign students majoring in Chinese celebrate their commencement at Xi’an Jiaotong University on July 7, 2012. [Photo/CFP] China is urged to improve conditions to attract… Read More »Steps needed to attract foreign experts close talent gap: think-tank

Japan overtook China as the top foreign holder of US government debt for the first time since the financial crisis of 2008, a sign of… Read More »Japan tops China as top holder of US debt

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BEIJING – China has finished building and shipped its first bullet train to Argentina, ChinaNorth Railway (CNR) announced on Wednesday. The contracted diesel multiple-units (DMU) shipped to Argentina mark China’s biggest DMUorder in South America, CNR said. The CNR’s subsidiary in Tianjin Municipality won the bid for Argentina’s Belgrano Sur railwaycontract in November, 2013, involving 21 lines with 81 DMUs. Painted in blue and white like Argentina’s national flag, the shipped DMU’s highest speed canreach 100 kilometers per hour, faster than the same type of DMU made in other countries. The trains applied special paint and rubber to resist strong ultraviolet light and corrosion inaccordance with Argentina’s climate and local operation, said the company. Meanwhile, the DMU also has special areas for wheelchair and bicycle access. Controlling China’s entire high-speed rail market, CNR and its counterpart China SouthRailway announced a merger on Dec 30, 2014.

A woman wearing sunglasses and a scarf passes Tian’anmen Square as the strongest sandstorm in 13 years hits Beijing on April 15, 2015. [Photo/IC] Strong… Read More »Beijing blasted by strongest sandstorm in 13 years