SouFun Agrees to Buy Commercial Property for Shanghai HQ
SouFun Holdings Limited (NYSE: SFUN), the leading real estate Internet portal in China, today 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.
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