Telstra adds online advertising holdings in China

Australian telecommunications operator Telstra has bought majority stakes in two online advertising companies in China with an eye toward a future initial public offering for both, the Wall Street Journal reported. The Melbourne-based company bought 55% stakes in auto and IT website operators Norstar and Autohome/PCPop for a total of US$73 million, and may combine the two companies with another internet investment for a listing. In 2006 Telstra acquired 51% of SouFun, China’s most popular real estate website, for US$254 million.