China Retracts Approval for Facebook Venture

China had reportedly pulled this week its approval for a Facebook’s planned venture in the eastern province of Zhejiang.

A source familiar with the matter said that the government had initially approved Facebook’s request to open a subsidiary, but the registration has been removed.

The US tech giant had planned to put up an “innovation hub” to support local startups and developers in Zhejiang, whose capital, Hangzhou, is home to a number of China’s top software and internet companies such as Alibaba Group Holding.

Source: Reuters