IAC, (NSDQ: IACI) in the process of splitting into five groups, will invest as much as $100 million in China to build a new Internet business there and will bring in Ask.com, said Barry Diller, speaking to reporters in Beijing today. Details on what it will do there are unclear, and also not sure if Diller’s remarks were off the cuff. This Reuters story quotes him on it: “We certainly have enough capital to do damage..I think about $100 million,” he said. Diller said he would consider buying an existing company, but would prefer to establish a new business, perhaps by backing a Chinese entrepreneur.

IAC has already invested $200 million in China, spearheaded by Expedia. which has a majority stake in the mainland’s eLong. AP: But Diller said it mishandled the business early on and is trying to recover after falling behind Chinese rival Ctrip.com.

WSJ: Diller said he is unfazed by the complications of running a media company in China...he will spend several weeks touring and evaluating his options in China, and has already met with several Chinese Internet entrepreneurs.