Renren, once called ‘Facebook of China’, sold for $60mn

Renren, once called 'Facebook' of China, has agreed to sell its social networking business 'renren.com' to Beijing Infinities for a cash consideration of $20 million. As part of the sale, Beijing Infinities' parent company, Infinities Technology, will issue $40 million worth of shares to Renren. "I'm happy to find a home for renren.com," Renren's Chairman and CEO Joseph Chen said.