Australian Seek finds new life in China

Australian online job search engine Seek has nearly doubled its stake in Chinese jobs Web site, Zhaopin, to capitalize on the growing jobs market in China.

Seek will invest $45 million to lift its shareholding to 42.9% from 25%.

Macquarie Capital, a unit of Macquarie Group, is investing $110 million. Between them, the Australian outfits are said to be making the largest recent investment in the Chinese online recruitment industry. Consolidated Media Holdings holds a 27% stake in Seek.

Seek director of corporate strategy Jason Lenga said the online jobs classifieds market in China is still relatively immature and he anticipates that the strong growth in recent years will continue.