SHANGHAI, June 21, 2011 /PRNewswire-Asia-FirstCall/ -- China Real Estate Information Corporation ("CRIC" or the "Company") (NASDAQ: CRIC), a leading provider of real estate information, consulting and online services in China, and Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet search provider, announced today that they have entered into a new strategic partnership agreement.
Under the agreement, CRIC will become Baidu's premier strategic online real estate partner and will have the exclusive right to sell Baidu's real estate brandlink product, which is one form of keyword advertising, during the next three years. In addition, the two companies will continue their previous cooperation in several other Baidu products, including Baidu Website Promotion, Baidu Encyclopedia, Baidu Knows and Baidu Map, to further expand the online search-based advertising market for the real estate industry.
The new agreement expands the agreements previously entered in 2010. In February of 2010, the two companies signed cooperation agreements for a series of Baidu web products. Further, in May of 2010, CRIC obtained the exclusive right to build and operate Baidu's online real estate channels for the following four years. Starting in August of 2010, CRIC successfully built and launched the Baidu Leju new home, secondary home and home renting channels. CRIC will continue launching additional online real estate related channels on www.baidu.com, including the Baidu Leju home furnishing channel, under the 2010 agreements.
Xin Zhou, CRIC's co-chairman and chief executive officer, said, "Partnering with Baidu in online real estate search and advertising is an important strategic decision. Through this new agreement with Baidu, CRIC enhances the strength of its search-based online products. Combined with CRIC's already strong portal-based online products, this uniquely positions CRIC to provide quick, comprehensive real estate information and a multi-dimensional web experience for hundreds of millions of internet users in China, while further strengthening our leading position in the online real estate services business."Mr. Zhou added, "Over the past year, Baidu Leju has become an important information source for tens of millions of internet users who are interested in the Chinese real estate market. Baidu Leju's current model has been well recognized and received by more than a thousand real estate developers. Through the expanded agreement with Baidu, CRIC is now able to provide more comprehensive sets of online products to real estate clients and further enhance users' web search experience for real estate information."
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