Real-estate database operator China Real Estate Information Corp. proved there still is interest from U.S. investors in Asian growth companies.

Friday, in its debut on the Nasdaq Stock Market, the company's shares were at $14.20 in 4 p.m. composite trading, up 18% from the initial-public-offering price of $12.

The Shanghai company sold 18 million American depositary receipts at the low end of its expected price range of $11.80 to $13.80 a share, which was set by underwriters Credit Suisse Group and UBS AG.

China Real Estate was a surprise turnaround in an otherwise unremarkable week in the U.S. IPO market. On Tuesday, rail-line operator RailAmerica Inc. fell 8% on its first day of trading. Friday, RailAmerica closed at $14.26, up 25 cents, or 1.8%, but that still was below the IPO price of $15.

There was some concern that China Real Estate would be another dud, especially after China online-gambling company Shanda Games Ltd.'s flop in September. Shanda, which had generated a lot of pre-IPO buzz, fell 14% on its first day of trading and still is below the $12.50 IPO price, closing at $10.32 on Friday, up five cents, or 0.5%.

China Real Estate operates a database and analysis system on residential real-estate developments, with real-estate developers as its major clients; it has the largest market share in its niche, according to Frost & Sullivan.

While the real-estate market in the U.S. still is depressed, China's has rebounded from its 2008 downturn, with many cities experiencing an increase in prices and transactions, according to the company's prospectus. The rebound has occurred alongside a rise in the volume of bank loans made as China responded to the global economic crisis.

The market has recovered to the point that it rose above 2007 levels in the first half of 2009, according to company co-Chairmen Xin Zhou and Charles Chao.

"Since the financial crises, the Chinese government's policy has been toward protecting economic growth and employment levels, so the real-estate market should be a big beneficiary of these policies," Mr. Zhou said during a telephone interview.

Revenue and earnings at China Real Estate have been increasing throughout the global economic slowdown. In the first half of 2009, revenue rose 62% to $31.2 million and net income rose 53% to $11 million.

China Real Estate is being carved out of parent E-House (China) Holdings Ltd., which continues to hold a 51% stake in the company; all proceeds raised will go to China Real Estate.