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IAC/Interactive (NASDAQ:IACI) plans to increase its investments in China by $100 million, CEO Barry Diller told reporters in Beijing. Diller said the company plans to launch a version of its search engine in China within two years. He says the company will focus on ad-supported content sites, including online games, rather than transaction-oriented businesses. He also acknowledged that the company’s efforts in China to date have not been hugely successful; in particular, he admits the company has had trouble with eLong, a Chinese travel site. “We bought eLong and promptly screwed it up,” he said, according to the Wall Street Journal.

IACI/Interactive Friday was down 24 cents, at $27.40.

Source: IAC/Interactive to Launch Chinese Version of