In the United States, Chinese newspapers such as Chinese Daily News (or World Journal) provide Chinese classified ads (See World Journal Classified Ads). These Chinese classified ads are paid ads and they are very similar to classified ads on newspapers in English. However, different from the fate of classified ads on newspapers in English, most Chinese Americans still read Chinese classified ads, and they are yet to be replaced by the advent of the Internet.
Therefore, placing a Chinese classified ad on a Chinese newspaper is still effective. What is not effective, though, is to place a Chinese classified ad on a website. At least it is not effective yet. The reason, I do not know. Let's wait to see if there is a Chinese version of Craigslist challenging the position of classified ads on Chinese newspapers.
To place a Chinese Classified Ad on World Journal, see World Journal Classified Ads