China’s Soufun Sinks Most in Five Months as Profit Declines
SouFun Holdings Ltd. (SFUN), owner of China’s largest real-estate website, dropped the most in almost five months after saying fourth-quarter profit fell.
American depositary receipts of Soufun sank 11 percent to $16.17 by 9:51 a.m. in New York. They earlier tumbled 13 percent, the biggest intraday decline since Sept. 22.
The Beijing-based company said today fourth-quarter net income declined 24 percent from a year ago to $30.1 million. Sales for 2012 will grow between 10.5 percent and 16.6 percent, after increasing 53 percent in 2011 to $343.8 million, it forecast in a statement issued via Business Wire.
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