DURBAN Facebook will be opening in a subsidiary office in China even though the social media site is still censored for most citizens.
The new office will be called Facebook Technology is reportedly worth $30 million. It is located in the Hangzhou which is also the headquarters of the multi-billion dollar company Alibaba.
The social media company will be running a startup incubator that will make small investments and give advice to local businessmen.
The subsidiary is listed as being completely owned by Facebook Hong Kong Limited. Facebook has sales offices in Hong Kong and it does not fall subject to the rules and censorship of the mainland.
In a statement, the company said that they were interested in setting up an innovation hub in Zhejiang to give support to Chineses developers, innovators and startups. Incubators will be similar to the ones that the company has already set up in countries like France, India, Brazil and South Korea.
The reports of the Facebook subsidiary office is the first time that the company has had its name in China after Beijing blocked in 2009. The site was blocked after it was used Xinjiang Independence activists in the Urumqi riots.
In 2015, Facebook tried to open an office in Beijing and were able to get a permit but in the end they were unsuccessful.
In an interview, Facebook CEO Mark Zuckerberg indicated that he was still interested in opening an office in China even though the site is blocked in certain parts of the country.
Follow Business Report on Instagram here
- BUSINESS REPORT ONLINE