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December 18, 2006

Ebay to close auction site in China

Ebay, the world's biggest online auctioneer, is to close its primary China site and form a new partnership with Beijing based, Tom Online, according to news reports. Ebay is expected to pay $40 million for a 49% stake in the venture.

By CBR Staff Writer

The venture with Tom Online, an Internet company that sells services such as ring tones for mobile phones, will enable Ebay to introduce new products and services faster, as the site will not have to coordinate with Ebay’s US-based management.

Ebay entered the Chinese market five years ago, but has since lost market share to rivals who offer free services. A site will be kept that allows Chinese sellers to do business with people outside of the country.

In October, Ebay reported a 38% rise in third quarter international revenue compared to a year earlier. Total net income increased to $280.9 million on sales of £1.45 billion.

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