Chinese B2C and C2C e-commerce platform Taobao has announced that its Taobao City project has begun construction in Hangzhou. Over the next 5 years, Taobao plans to invest RMB 1.36 bln to construct the Taobao City, which will act as a hub for its e-commerce business including R&D, customer service, website operation, sales, technical support, training and other services.
Funding for the project comes from part of the RMB 5 bln that Taobao received from parent company Alibaba for strategic development over the next 5 years.
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