Chinese real estate portal Soufun.com has officially established a headquarters in Shanghai to support its operation in 15 cities in East China.
At the same time, the company announced that it has signed agreements to buy the entire stake in China Baoan Group Company Limited from three companies for CNY800 million. The Baoan Building, which is located in Pudong New Area, Shanghai, will be used to build Soufun.com's Shanghai headquarters.
The Baoan Building has an area of about 42,000 square meters and it is currently used as offices, retail sites, and hotels. With the establishment of the Shanghai headquarters, the building will serve as Soufun.com's offices and training venues to support the company's expansion in Shanghai and East China. The transaction is expected to be completed in the first quarter of 2013.
Mo Tian, executive chairman of Soufun.com, said that Shanghai and East China are the most active economic areas in China and they made huge contribution to the development of Soufun.com. Over the past year, the company tried to operate in Shanghai and East China and the establishment of the Shanghai headquarters will definitely further expand their operation in these markets. The purchase of the office building represents their determination in the development in Shanghai and East China.