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Facebook forming new team to tap China's ad market

Facebook Inc. is forming a new engineering team in Singapore that will focus on creating ad buying tools for the Chinese market, Reuters reported, citing three sources.

The move is part of the social media company's plan to develop localized advertisement tools outside its U.S. headquarters. Confirming the news to Reuters, Facebook said the new team will include product and "business integrity" sub-teams.

The team is intended to serve customers in Asia and global advertisers, a company spokeswoman added.

Facebook executive Hao Xu is managing the initiative, one of the sources said, citing his profile on LinkedIn Corp.'s professional networking website.