The China Times, one Taiwan's top four newspapers, will appear as a tabloid in September, after laying off about half of its staff.

In a company statement issued Thursday, The China Times stated it will relaunch as an "elite" paper to continue serving its readers, Asia Media reported.

According to the newspaper's president, Lin Sheng-feng, the adjustments will be completed within two months, and will appear in its downsized form in early September.

Union leaders at The China Times were seriously concerned about the layoff of about 600 employees, and said they hope the Taipei municipal bureau of labour will mediate in the negotiations for the severance package of affected staffers, Asia Media reported.

"We believe the paper has made a wrong venture, which made its financial situation worse to the extent that many of us have to be fired," said a union leader.

The China Times tried to diversify its operations into other media. It acquired two TV networks, but unfortunately neither has made money, according to Asia Media.