BEIJING, June 12, 2019 /PRNewswire/ -- Fang Holdings
Limited (NYSE: SFUN) ("Fang"), a leading real estate Internet
portal in China, and China Index
Holdings Limited (NASDAQ: CIH) ("CIH"), the largest real
estate information and analytics service platform provider in
China*, today announced that
on June 11, 2019, they completed
the separation of CIH from Fang to form two
independent, publicly traded companies with differing business
objectives and opportunities, via a dividend distribution of all
the CIH's ordinary shares owned by Fang to Fang's equity
holders.
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*
|
in terms of
geographical coverage and volume of data points as of December 31,
2018, according to an industry report commissioned by CIH and
prepared by Frost & Sullivan in 2019.
|
Following the separation and distribution, CIH will
strategically focus on serving the commercial property sector in
China to capture the enormous
market opportunity from its rapid development, while Fang will
retain its business operating a real estate Internet portal
focusing primarily on serving the residential property sector.
As part of the separation and distribution, CIH has appointed
four new board members, Huang Yu,
Jie Jiao, Robert Ciemniak, and
Jeff Xuesong Leng, who have brought
with them leadership and experience in capital markets and
corporate operating roles. Mr. Vincent Tianquan Mo remains
and will continue to serve as chairman of both the board of CIH and
the board of Fang.
About Fang
Fang operates a leading real estate Internet portal in
China in terms of the number of
page views and visitors to its websites. Through its websites, Fang
provides primarily marketing, listing, financial and value-added
services for China's fast-growing
real estate and home furnishing and improvement sectors. Its
user-friendly websites support active online communities and
networks of users seeking information on, and other value-added
services for, the real estate and home furnishing and improvement
sectors in China. Fang currently
maintains approximately 65 offices to focus on local market needs
and its website and database contains real estate related content
covering 658 cities in China. For
more information about Fang, please visit http://ir.fang.com.
About CIH
CIH operates the largest real estate information and
analytics service platform in China.* Its services span across
database, analytics, promotions and listing services for
China's real estate markets. CIH
serves a substantial base of real estate participants in
China, including industry
professionals and business communities, with an authoritative,
comprehensive and seasonable collection of real estate data,
complemented by a variety of powerful analytical and marketing
tools. For more information about CIH, please visit
www.chinaindexholdings.com.
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*
|
in terms of
geographical coverage and volume of data points as of December 31,
2018, according to an industry report commissioned by CIH and
prepared by Frost & Sullivan in 2019.
|
Safe Harbor Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements are made under the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995.
These forward-looking statements can be identified by
terminology such as "will," "expects," "is expected to,"
"anticipates," "aim," "future," "intends," "plans," "believes,"
"are likely to," "estimates," "may," "should" and similar
expressions, and include, without limitation, statements regarding
the completion of the separation and distribution. Such statements
are based upon management's current expectations and current market
and other conditions, and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond Fang's or CIH's
control, which may cause the completion of the separation and
distribution and the operations of Fang and CIH to differ
materially from those in the forward-looking statements. Potential
risks and uncertainties include, without limitation, the market and
other conditions and Fang's and CIH's results of operations.
Further information regarding these and other risks, uncertainties
or factors is included in Fang's filings or CIH's filings with the
Securities and Exchange Commission. Neither Fang nor CIH undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
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SOURCE Fang Holdings Limited