Caixin
Nov 07, 2018 07:38 PM
BUSINESS & TECH

Xiaomi Teams Up With Developer to Buy Land for New Beijing Offices

Xiaomi Corp.’s Beijing headquarters is seen on Jan. 28. Photo: VCG
Xiaomi Corp.’s Beijing headquarters is seen on Jan. 28. Photo: VCG

Smartphone-maker Xiaomi Corp. and real estate developer China Resources Land Ltd. have jointly purchased a plot of land in Beijing’s suburbs, a move that industry sources said was made necessary by the former’s fast-expanding business.

Both parties spent a combined 2.7 billion yuan ($390 million) for a 46,848-square-meter (11.58-acre) plot of land in Changping district at a city government auction, according to a statement (link in Chinese) posted on the website of the Beijing Municipal Commission for City Planning and Land Resources Management on Monday.

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