Telstra to sell down holdings in SouFun in IPO

Telstra plans to sell down its shareholding in Chinese online real-estate business Soufun Holdings as part of a planned IPO. Shareholders of SouFun agreed to start a process to prepare for a public offering in 2010. Telstra earlier planned to hold the IPO mid-2008, but has had to postpone due to poor conditions on the global and Chinese markets.