While social networking sites in the US are struggling to turn a profit, they may want to take a look at some of China’s homegrown sites who have discovered routes to massive profitability. QQ, which is run by Tencent, is the largest social networking site, instant messaging and gaming platform in China with over 300 million active users.

The company recently announced their 2007 earnings, including a whopping two thirds of revenue (344 million USD) coming from virtual goods and online games. Last year, QQ’s virtual currency became so influential that the government looked into regulating its use.

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