Society

Chinese SNS closed down due to losses

(chinadaily.com.cn)
Updated: 2010-07-02 16:51

The famed Chinese social network site 360quan.com announced its plans to close the service Thursday.

The announcement follows the website's recent termination of all employees in late June

The website was established in June 2007 by Koolanoo Group Internet Media and targeted young fashion fans.

Its incomes were mainly from advertisements, virtual product sales and games. But like most other social networking sites in China, it had been suffering a large budget deficit. The continual employee cutbacks that started in February of 2009 were not enough to save the company.