Monster Worldwide, Inc. has bought the top online recruitment site in one of the world's fastest growing job markets, the company announced in a press release Tuesday.

The parent company of Monster.com bought the remaining 55 percent stake in the recruitment site, ChinaHR, for US$174 million in cash.

Buying the remainder of ChinaHR “gives Monster a dominant presence in one of the world's fastest growing recruitment marketplaces. In the first half of 2008, China created more than 6.4 million jobs. To support this growth, ChinaHR currently operates 12 offices across the countries major markets, including Beijing, Shanghai, Guangzhou and Shenzhen,” the press release stated.

Monster already exists in top North American, European, Latin American and Asian markets.

Monster Greater China's executive vice president, Edward Lo, serve as ChinaHR's interim CEO. Lo began working for Monster in early 2008. Previously, he world at AIG Investment (Asia) Corp. as managing director and COO, according to the press release.