Internet communications and gaming business giant Tencent is setting up its Asian headquarters in Singapore. Jitterbug’s parent company ByteDance is currently hiring fast after setting up its regional headquarters there. E-commerce giant Alibaba is also investing in real estate and recruiting talent in Singapore.
At a time when these companies’ increasingly powerful business platforms are being restricted by Communist Party regulators, they have decided to turn their focus on expanding their businesses to the booming markets of Southeast Asia.
This comes after Communist authorities announced heavy fines against several of the major companies involved and threatened to carve up giant businesses whose operations have reached deep into people’s lives.
Meanwhile, the United States is no longer an attractive market for these mainland Chinese mega-businesses, which also face many problems in other Western countries and India, following the sanctions imposed by the former Trump administration on some of the Chinese Communist Party’s online mega-businesses.
But as an international financial center, Singapore has maintained good relations with Beijing and with the West, and is seen by these mainland Chinese mega-businesses as a safe place to expand their business without hurting their relationships.
At the same time, the influx of large amounts of mainland Chinese capital would be welcomed by Singapore. While Singapore’s economy has been battered by the new crown epidemic, it is seeking to establish itself as a technology hub.
U.S. tech giants Facebook, Google and Twitter have also set up important business centers here.
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