A report from China says Xiaomi is planning to construct a new global headquarters and just acquired a site in Shenzhen for it. The plot of land is reported to have cost ¥531 million.
A couple of months ago, Xiaomi signed an agreement with the government of Shenzhen for the construction of its global headquarters. The Xiaomi Group will invest ¥7.76 billion for the construction of the new headquarters which is expected to realize a combined operating revenue of ¥51 billion between 2020 and 2024.
The headquarters will include a smartphone and artificial intelligence center, a business development center, and an internet service center.
Xiaomi is not the only Chinese company building a new headquarters in the city of Shenzhen. Just about the same period Xiaomi announced its plans for its headquarters, Vivo also acquired a site in Shenzhen that cost its $182 million. This is more than double the amount Xiaomi paid for its own headquarters.
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