Heightened Chinese Inflation Pushes Renren.com To Offer Employee Loans

News Source: ChinaTechNews.com

Chinese social networking website Renren.com has announced that it will launch an interest-free housing scheme, and employees can apply for loans of between CNY200,000 and CNY400,000.

Chen Yizhou, chief executive officer of Renren.com, told local media that the rapid development of Renren.com is attributed to the efforts and commitment of employees. Renren.com will not only offer jobs to employees, it will establish a platform for their career development. Meanwhile, the social media company will help employees solve other difficulties in their lives to provide them with a sense of security and belonging.

A statement from the People's Bank of China yesterday outlined that "expectations for future price increases remain strong" in China. These prices increases put pressure on employees' ability to buy homes, pay rent, and buy food.


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