China's red-hot economy has lured yet another investor, with IAC's Barry Diller becoming the latest internet guru to position his company for a share of the booming market.

Diller told reporters IAC plans to invest $100 million in a new internet venture that could bring Ask.com to China in less than two years.

Diller said IAC would likely partner with a major Chinese newspaper to launch Ask in China.

Google and Yahoo! already have operations in China, but both lag behind the Baidu, a homegrown search engine that accounts for about 60 percent of the Chinese market.