E-House Submits Non-Binding Proposal to Acquire All Outstanding Shares of CRIC for $1.60 per Share Plus Stock

E-House Holdings Limited (NYSE: EJ) today announced it has submitted a non-binding proposal to the board of directors of China Real Estate Information Corporation (NASDAQ: CRIC) to acquire through a merger all the outstanding shares of CRIC that are not owned by E-House. E-House has proposed a fixed consideration consisting of $1.60 cash and 0.6 E-House shares for each CRIC share. E-House is the majority shareholder of CRIC owning 54.1% of CRIC's total outstanding shares.

Assuming the successful consummation of the transaction, CRIC would become a wholly-owned subsidiary of E-House.