New Way to Play Chinese Real Estate Market?

China's number one real estate Internet portal, Soufun Holdings , went public Friday and surged 73 percent.

It has gone through a number of accounting firms, said John Carney, senior editor of CNBC's NetNet. The first firm quit and withdrew its audit opinions. Soufun fired the second and the third firm, Ernst & Young, said there's not enough people internally to keep up with the gap.

So why are investors overlooking this?

Carney said people want to play the Chinese real estate market, where the prices of homes have climbed by 12 percent. He said there aren't many ways to play that market, so this gives investors an option.

Both Tim Seymour of EmergingMoney.com and Brian Kelly of Kanundrum Capital, however, wouldn't go with SFUN.

For more on this story, visit NetNet.

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to [e-mail].

Trader disclosures for Friday, Sept. 17, 2010:

TIM SEYMOUR
Seymour owns (AAPL)
Seymour owns (BAC)
Seymour owns (MOS)

GUY ADAMI
Adami owns (AGU)
Adami owns (BTU)
Adami owns (NUE)
Adami owns (C)
Adami owns (GS)
Adami owns (INTC)
Adami owns (MSFT)
Adami’s wife works at Merck

BRIAN KELLY
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (ORI)
Accounts managed by Kanundrum Capital own (RGR)
Accounts managed by Kanundrum Capital own U.S. Dollars
Accounts managed by Kanundrum Capital own (TLT)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own (POT) calls
Accounts managed by Kanundrum Capital own Swiss Francs
Accounts managed by Kanundrum Capital are short Euros
Accounts managed by Kanundrum Capital are short (BCS)
Accounts managed by Kanundrum Capital are short (IAI)
Accounts managed by Kanundrum Capital are short (XLF)
Accounts managed by Kanundrum Capital are short (OIH)
Accounts managed by Kanundrum Capital are short (BA)
Accounts managed by Kanundrum Capital are short Mexican Peso
Accounts managed by Kanundrum Capital are short U.K. Pound

JOE TERRANOVATerranova Owns (APA)
Terranova Owns (AAPL)
Terranova Owns (ARUN)
Terranova Owns (BMO)
Terranova Owns (C)
Terranova Owns (DO)
Terranova Owns (EOG)
Terranova Owns (FCX)
Terranova owns (FTO)
Terranova Owns (XBI)
Terranova Owns (GS)
Terranova Owns (HES)
Terranova Owns (IBM)
Terranova Owns (JOYG)
Terranova Owns (NBR)
Terranova Owns (NOV)
Terranova Owns (OXY)
Terranova Owns (ORCL)
Terranova Owns (PEP)
Terranova Owns (POT)
Terranova Owns (RSH)
Terranova Owns (GLD)
Terranova Owns (SLB)
Terranova Owns (SWN)
Terranova Owns (SU)
Terranova Owns (SPLS)
Terranova Owns (RIG)
Terranova Owns (UPL)
Terranova Owns (MA)
Terranova Owns (VRTS)
Terranova Owns (JOYG)

Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DLUEY)
Virtus Investment Partners own more than 1% of (DRYS)

MICHAEL BLOCK
***No Disclosures***

VICTOR SPERANDEO
***No Disclosures***

CNBC.com with wires.