Rumor: Zhaopin Moves Office Due to Losses
Beijing Legal Times, 7/02/09
An employee at Chinese online recruitment firm Zhaopin confirmed that the entire company (with the exception of the headhunting department) will move from its current office to the Fuxing International Center in Beijing's Central Business District.
Zhaopin spokesperson Li Peihan stressed that contrary to rumors that Zhaopin was moving due to financial losses last year, the move was occurring because "the rental period for the company's current offices has come to an end."
Zhaopin's current offices are rented at a rate of RMB 4-5 per square meter per day; the offices cover more than 6000 sq. m. The new offices at the Fuxing International Center, by contrast, will cost approximately RMB 3 per square meter per day, and will cover only 4300 sq. m.
Zhaopin CEO Liu Hao conceded in an interview that the company had lost money in 2008, but denied the reported figure of RMB 170 mln. He did not disclose the actual figure.
Keywords: Li Peihan Internet Liu Hao online recruitment Zhaopin profit
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