iProperty Group to Acquire Leading Property Portal in Macau

Monday May 7th 2012 iProperty Group Ltd, owner of Asia’s No. 1 network of property portal sites under the iProperty brand (www.iproperty.com), today announced that it had agreed to acquire vproperty.com, the clear leader in the Macau. The acquisition extends the reach of the Group in the region with the Macau based portal being managed by the iProperty Group’s gohome.com.hk business.

vproperty.com is the clear leader in Macau and currently generates revenue from local real estate agencies and property developers. The portal currently receives 50,000 consumer visits per month, generating 500,000 page impressions and has 60 registered agents as paying subscribers.

With a population of 500,000 Macau attracted 28,000,000 visitors in 2011, 65% of whom are from mainland China. Macau is experiencing extraordinary economic growth with GDP increasing by 21% in 2011 powered by the gaming and entertainment industry and lies at the heart of the Pearl River Delta area.

iProperty Group has agreed to acquire vproperty.com for USD300 thousand in cash upon completion of the acquisition. This acquisition will be paid for using existing cash reserves.

Shaun Di Gregorio, CEO of the iProperty Group said, “Following our success in making gohome.com.hk the leading property portal in Hong Kong, we see the Macau based vproperty.com as a natural extension in the region. This provides us with clear market leadership in both Hong Kong and Macau allowing us to offer advertisers a more compelling proposition and providing us improved access to property investors from mainland China. It’s the world’s most dynamic region and the acquisition of vproperty.com provides us with an expanded footprint and presence”

“vproperty.com will continue to maintain its local presence in Macau and  work with local real estate agencies and property developers providing them online advertising solutions but will now benefit from the management and direction that will be provided by our Hong Kong based team operating gohome.com.hk. vproperty.com already has key customer including Jones Lang LaSelle, Century 21, Centaline, Ricacorp, Engel and Volkers and Savills and we look forward to growing the business in combination with gohome.com.hk and the iProperty Group network across Asia” Di Gregorio commented.