Tencent Spends 6.4 Billion Yuan to Acquire Land in Beijing

On January 23rd, Tencent Technology (Beijing) Co., Ltd. won the bid for the A, B, C, and J plots of land at the northern end of Xueyuan Road in Haidian District. The B4 plot is designated for comprehensive commercial financial services and the B23 plot is designated for research and development design. The transaction amount was 6.42 billion yuan.

The total area of the plot is 70,601.065 square meters, with a planned construction area not exceeding 285,523 square meters. The plot has a plot ratio of 5/3.5, a height limit of 80 meters, and temporary planning requirements for three connections and one leveling.

Tencent Technology (Beijing) Co., Ltd. has acquired the land for research and development purposes as well as commercial use. For the research and development area, all above-ground and underground buildings must be self-owned, with a maximum ownership period equal to the land transfer period. As for the commercial area, it is required to construct a public transportation station of 7000 square meters without compensation.

In response to this, Tencent stated that the aforementioned transaction will mainly be used to meet the company’s demand for office space and provide stable and centralized working environments for its employees.

This is not the first time Tencent has acquired land in Beijing. In earlier years, it obtained the plot at No. 10 Xibeiwang East Road in Haidian District, where Tencent‘s Beijing headquarters building has been completed and put into use since 2019.

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