Netease (NTES) has signed an agreement with the Hangzhou High-Tech Development Zone and will invest US$38 million to build a research and development base there.

According to Ding Lei, CEO of Netease, this Hangzhou R&D Center will occupy 70000 square meters and the construction will be completed in 18 months.

The company plans to recruit 3000 to 4000 staff at the center within three to five years.

Upon completion, this center will become the second largest R&D center for Netease–only smaller than its Guangzhou headquarters.

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