The Chinese classified information website 58.com has purchased a new office building in Beijing's Chaoyang district for CNY1.033 billion.

58.com said in a statement that the company reached an agreement with Beijing Electronics Zone Investment and Development to invest CNY1.033 billion, which is about USD168.4 million, to purchase a 45,000-square-meter office building in Chaoyang district.

The newly-purchased office building will become the new headquarters of 58.com to meet its business and staff expansion demands. The company will complete the payment from its operating cash flow and cash deposits; and they will pay CNY103.3 million to Beijing Electronics Zone Investment and Development in 2014 and CNY929.7 million in 2015.

58.com predicted that about 37% of the 45,000-square-meter office space will complete construction in October 2015; while the remaining will be completed by July 2016.