Giant to Build Employee Housing
China Business News, 1/31/12
Shi Yuzhu, CEO of Chinese online game developer and operator Giant Interactive (NYSE: GA), revealed today that Giant plans to purchase land in Shanghai's Songjiang district to build employee housing as a benefit measure.
The company has already set up a workgroup to oversee the initiative, Shi said. Giant will cover the land acquisition and construction costs, and will sell housing to R&D staff at cost, with mortgages available.
Giant Interactive employs nearly 2,000 people, more than 1,000 of them engaged in R&D. The majority of the company's offices are located in the Giant Interactive Group campus in the Songjiang district of Shanghai, which opened in June 2010 and is also home to the company's headquarters.
In its annual surveys of employees, Giant has found that housing has remained employees' chief concern for some time.
There is currently no timetable available for the project. A source familiar with the matter said that the cost of the initial investment would not be borne by Giant's listed company, but would rather be borne by one of Shi Yuzhu's privately held companies, such as Giant Investment.
A number of Chinese internet companies announced plans last year to offer employees interest-free housing loans, including Tencent (0700.HK), Alibaba, eLong (Nasdaq: LONG), and Renren (NYSE: RENN).
Editor's Note: For more information on this topic, please see "Alibaba Announces RMB 3 Bln Employee Housing Fund," MD 8/17/11 and "Tencent Debuts Employee Housing Fund," MD 6/28/11 issues.
Keywords: Giant Interactive Shi Yuzhu Internet GA Giant Investment HR online gaming
Sending
