Sohu.com (SOHU) has entered into agreements with Vision Huaqing Development Company to purchase new office space in Beijing for US$35.3 million.
Sohu.com will occupy floors 7 through 15 of the Vision International Center, the premises currently occupied by Sohu.com as its corporate headquarters in Zhongguancun. The premises consist of approximately 18,265 square meters.
Sohu.com is required to pay the purchase price within five business days after the effective date of the agreements. The purchase price will be paid from available cash on hand.
The actual transfer of title to the premises from Vision Huaqing to Sohu.com will be effected after approval is obtained from the Beijing Municipal Bureau of State Land and Resources and Beijing Municipal Construction Committee, which Sohu.com expects will be obtained in approximately three to four months.