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After New-York based job board Monster Worldwide last year announced plans to sell ChinaHR, a recruitment site the firm bought in 2008 for US$174 million, it is now rumoured the sale has been completed.
Local press reports suggest Monster sold ChinaHR for just $30 million, according to sources. The firm has lost much of its original market value. In 2008, ChinaHR was valued at $300 million – ten times as much as the alleged selling price. News site dxy.cn claims the firm will lay off around 200 staff at its Chinese headquarters while 200 workers will be sent to work for recruitment site myjob.com
ChinaHR has not confirmed the rumours, which also say its buyer is Ireland-based Saongroup, the parent company of myjob.com
Monster posted a net loss of US$194.2 million in the third quarter of 2012 with the firm keen to cut costs. The firm has suffered from a weak job market and competition from social networking sites such as LinkedIn.