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China's online retailer 360buy.com wins land bid in Beijing

Jan. 17, 2012 (China Knowledge) - 360buy.com, the largest 3C B2C online retailer in China, has acquired a piece of land in Yizhuang, Beijing at a consideration of RMB 295 million after the firm got a 200-mu plot also in Yizhuang last year.

The new plot, which cost between RMB 1,408 and RMB 1,578 per square meter of potential floor area, will have a floor area in the range of 187,000 sq m to 209,000 sq m.

A person familiar with the matter said this was the fifth time 360buy.com won land bid in China since 2009. In December last year, the company got a 260-mu plot in Jiading District, Shanghai to build a large logistics base with a potential floor area exceeding 300,000 sq m.

In 2010, the leading Chinese 3C B2C online retailer won land bid of a 200-mu plot in Beijing and then expanded its market by acquiring plots in other Chinese cities, including Chengdu and Wuhan.

The company has completed its third round of fundraising of US$1.5 billion, which will be invested in logistics and technology upgrading.  

360buy.com has announced plans to spend between RMB 5 billion and RMB 6 billion on logistics in the next three years.

Besides 360buy.com, other Chinese online operators, including Alibaba.com Ltd's<1688>Taobao.com, E-Commerce China Dangdang<DANG>, VANCL.com and Suning Appliance Co Ltd's<002024> egou.com, have acquired plots to build logistics bases of their own.






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