SouFun Agrees to Buy Commercial Property for Shanghai HQ

SouFun Holdings Limited (NYSE: SFUN), the leading real estate Internet portal in China, today announcedthat it has formally established its Shanghai Headquarters to support theexpansion of its operations in Shanghai and East China area, which consists of15 cities including Jiangsu Provincial Capital Nanjing and Zhejiang ProvincialCapital Hangzhou. At the same time, SouFun announced that it has entered intoan agreement to acquire a portion of the BaoAn Building in Shanghai for itsShanghai Headquarters through the acquisition of the entire equity interestsin three companies that own and operate the property from China BaoAn GroupCo., 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 andis currently used for offices, retail space and a hotel, which will beconverted into office and training space to support SouFun's expansion inShanghai and East China area. The acquisition is expected to be completed inthe first quarter of 2013.