Alibaba is building houses to accommodate its employees at a discounted rate and it's logistics affiliate Cainao has completed a financing round
The Chinese e-commerce company is establishing apartments to sell to its workers at a 40% discount, according to reports.
There are total 380 apartments with-in the range from 87 to 118 sq. meters constructed in Hangzhou, China. As per reports by People’s Daily, the completion of the construction will be done by 2018.
Eligible workers will draw a lot from the opportunity to purchase the houses. In order to become eligible, they should have worked at the company for around three years and be serving in M3 (senior manager) jobs or lower.
These apartments will be offered at a price of $1548 per sq. meter (10,000 yuan) whereas the rest of the properties in the region are available at a price ranging from $2632.17 to $3096.67. Alibaba isn’t the only China based company to provide housing to its employees. Apartments are offered by Evergande Group to its newly hired staff free of charge.
Free apartments are also offered by Hengda Group to its workers and after a particular number of years if they plan to buy the house the company also provide them a discount. Affordable housing is also guaranteed by Chinese telecom and equipment service provider Huawei to its employees located near Shenzhen headquarters and factory.
In other news, as per reports of Reuters a financing round has been completed by Alibaba’s logistics division today.
In this, a number of investors have participated which includes the China based investment company Primavera, Malaysian strategic investment company Khazanah Nasional Berhad, Singaporean state owned investment company Temasek Holdings and strategic investment corporation GIC Pte Ltd.
The Hanzgzhou based organization didn’t reveal many details regarding the amount of money raised by Cainiao, whether the company had to issue equity stock or the valuation of its logistics unit.
That’s the first financing round of Cainiao since it was established by Alibaba 3 years ago, the online retail company stated. Then, Alibaba as well as a group of China based logistics service providers stated they would pay $15.4 billion (100 billion yuan) over 5 to 8 years to establish a nationwide logistics network.
The company seeks a leading role in the developing fragmented package delivery sector of China, as online trading industry extends beyond urban centers and needs a more strong logistics infrastructure. In collaboration with delivery service providers, reams of data are crunched by Cainao on anything from delivery routes, weather patterns and order trends to improve efficiency.
The organization stated it and investors would work together to further establish out its "big data logistics network". The country’s leading e-commerce organization has been battling stiff rivalry from its smaller competitor J.D com, which prioritizes the control over a huge logistics network, such as Amazon with its loss-making business model.
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