Last year, under the pressure of the CCP’s brutal tech crackdown and ailing economy, big industry firms had no other choice but to cut the workforce and reduce operating costs.
According to a recent South China Morning Post report, Jack Ma’s Alibaba slashed nearly 10,000 employees in the June quarter. Meanwhile, gaming giant Tencent laid off 7,300 staff between April and September.
The outlet noted these layoffs took a toll on the expensive property market of Chinese tech companies.
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