Shenzhen-based tech giant Tencent Technology (Shenzhen) Co. Ltd. has snapped up a parcel of land in Bao’an District for 8.52 billion yuan (US$1.21 billion), the Shenzhen Special Zone Daily reported.
The land, located on Dachan Bay Island, covers an area of 809,000 square meters. The Tencent project will have a floor area of 2 million square meters.
According to Tencent, the piece of land will be used to meet the company’s medium and long-term office space demand as its business and number of employees continues to grow.
The project, which is scheduled to be completed in seven years, will include dormitories, commercial spaces, schools and other supporting facilities to facilitate the work and life of employees, company officials said.
Industry insiders commented that Tencent has been assured of the acquisition of the land lot on Dachan Bay Island, which will break development bottlenecks in terms of industrial land and talent housing.
In October 2019, the Bao’an District Industry and Information Technology Bureau publicized the selection plan of key industrial projects for the “Shenzhen Internet+” future sci-tech town, which showed that Tencent was the intended land use unit.
In 2018, Tencent’s total revenue and profits stood at about 312.7 billion yuan and 77.5 billion yuan, increases of 32 percent and 19 percent over the previous year, respectively.
The tech conglomerate currently owns three buildings in Shenzhen, including Tencent Building, Tencent Binhai Building and a new one being built in Qianhai.
The company has about 38,000 employees and an office area of about 700,000 square meters in the city.
The company is expected to have 89,000 employees in seven years.