SouFun, the leading real estate Internet portal in China, has announced that it has formally established its Shanghai Headquarters to support the expansion of its operations in Shanghai and East China area, which consists of 15 cities including Jiangsu Provincial Capital Nanjing and Zhejiang Provincial Capital Hangzhou.
At the same time, SouFun announced that it has entered into an agreement to acquire a portion of the BaoAn Building in Shanghai for its Shanghai Headquarters through the acquisition of the entire equity interests in three companies that own and operate the property from China BaoAn Group Co., Ltd., a Chinese company, and its affiliated companies, for RMB800 million (US$127.3 million) in cash.
The property, located at 800 Dongfang Road, Pudong, Shanghai, has usable space of approximately 42,000 square meters and is currently used for offices, retail space and a hotel, which will be converted into office and training space to support SouFun's expansion in Shanghai and East China area. The acquisition is expected to be completed in the first quarter of 2013.
"Shanghai and East China area houses China's most active economic zones and have been contributing substantially to SouFun's growth. We have been testing our operations in Shanghai and East China area for the past year and the official establishment of our Shanghai Headquarters will definitely boost our operations in that area." said Mr. Vincent Mo, SouFun's Executive Chairman. "The office space acquisition for our Shanghai Headquarters shows SouFun's commitment to Shanghai and East China area and will support Shanghai Headquarters' ever increasing need for office space."
SouFun operates the leading real estate Internet portal and a leading home furnishing and improvement website in China in terms of the number of page views and visitors to its website in 2012. SouFun has built a large and active community of users who are attracted by the comprehensive real estate and home furnishing and improvement content available on its portal that forms the foundation of its service offerings. SouFun currently maintains 106 offices to focus on local market needs and its website and database contains real estate-related content coverage of 314 cities in China.