EBay Plans to Pull Back From Chinese Market – Vauhini Vara and Loretta Chao

From The Wall Street Journal:

EBay Inc. plans to pull back from the fast-growing Chinese market by shutting down its main Web site in China and replacing it with a new site that would be largely run by a Beijing-based Internet company, say people familiar with the matter, in the latest sign of trouble afflicting the onetime Internet star.

The San Jose, Calif., company plans to announce as early as Tuesday that it is taking a 49% stake in the new site in a partnership with online portal and wireless operator Tom Online Inc., these people say. Tom Online would hold a 51% stake. Up till now, had operated its own auction site in China.[Full Text]

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