E-House China Enterprise completed the acquisition of a 85% stake in TM Home from Alibaba for $240m.

E-House China Enterprise, a provider of real estate services, completed the acquisition of a 85% stake in TM Home, a real estate marketplace, from Alibaba for $240m. On completion, Tmall Haofang will become a wholly-owned subsidiary of E-House, while Alibaba will continue to grant exclusive Tmall permits to Tmall Haofang including the name, domain name, trademark and other brand attributes, and simultaneously provide technical, product, data, operational and other means of support.