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eBay turning over China operations to partner

Online auction site eBay is planning to shut down the company's site in China and will replace it with one that is to be operated jointly with a Chinese company, the Wall Street Journal reported.

The Journal reported Monday that eBay will soon announce the company is partnering with Tom Online in a deal that calls for eBay to take a 49 percent stake in the new site. Tom is to own 51 percent, according the business publication.

eBay has struggled in China to compete against home-grown competitors, such as, in the World's second largest market for Internet users.

Asia hasn't exactly rolled out the red carpet for eBay. Yahoo beat eBay to Japan in 1999 and bolstered its own operations by partnering with Japan's Softbank. In three years, eBay was out of that country.

In the U.S., eBay dominates the online auction market and is still highly profitable. In the quarter ended Sept. 30, eBay reported $281 million in net income and saw a 31 percent jump in revenue.