SouFun Holdings Ltd was incorporated on June 18, 1999 as Fly High Holdings Limited, under the laws of the British Virgin Islands, and on July 14, 1999. The Company changed its name to SouFun.com Limited. On June 17, 2004, it changed its corporate domicile to the Cayman Islands, becoming a Cayman Islands exempted company with limited liability. On June 22, 2004, it changed its name to SouFun Holdings Limited. Since its inception, it has conducted its operations in China through its PRC subsidiaries and consolidated controlled entities. The Company is a real estate Internet portal in China and also operates home furnishing and improvement websites. Its service offerings include: marketing services, E-Commerce services, Listing services and Other Value-added services. It offers marketing services on its websites and mobile applications, through advertisements to real estate developers in the marketing phase of new property developments, as well as to real estate agencies and suppliers of home furnishing and improvement and other home-related products and services who wish to promote their products and services. The Company began to offer e-commerce services in 2011, including SouFun membership services and online transaction platform services. It provides both free and paid SouFun membership services to registered members of its SouFun cards. Its free services include regular updates regarding local property developments, tours to visit property developments and other services relating to property purchases. Its paid services include offers to purchase properties at a discount from its partner developers and dedicated information and related services to facilitate property purchases. In addition, through its www.jiatx.com website, it offers an online transaction platform and related e-commerce services to home furnishing and improvement vendors in China. The Company offers basic and special listing services on its websites and mobile applications. Its basic listing services are offered to real estate agents, brokers, developers, property owners and managers and suppliers of home furnishing and improvement and other home-related products and services. Its basic listing services allow its customers to post information of their products and services on its websites. The Company offers subscription-based access to its information database and research reports and "total web solution" services. In 2009 and 2010, the Company also sold other value-added products which consisted of prepaid cards issued by home furnishing and improvement vendors. The Company competes with real estate and home furnishing and improvement websites offering listing and marketing services in China including real estate websites sponsored or supported by local governments in China, which may be able to use such government connections to develop relationships with locally-active real estate developers; traditional advertising media such as general-purpose and real estate-focused newspapers, magazines, television and outdoor advertising that compete for overall advertising spending; websites focused on real estate research services in China; and online listing service providers, including general-purpose Internet portals and regional websites dedicated to online listing.