Nov 08, 2018 (China Knowledge) - Developer of mobile devices and Internet of Things (IoT) products, Xiao Mi Corp. <1810:HK> has teamed up with real estate developer, China Resources Land Ltd <1190:HK> to purchase a plot of land in Beijing’s suburbs.
The two companies had successfully bid for a 11.58-acre plot of land in Changping district for USD 390 million, as seen in the statement released by the Beijing Municipal Commission for City Planning and Land Resources Management on Monday.
In the statement released, the officials have also mentioned that the land will be used for the development of offices and residence.
Xiaomi has previously announced plans to accelerate its global expansion projects with the funds raised from its Hong Kong initial public offering (IPO) earlier this year.
Caixin has reported the potential of this land to be developed to support the eco-system of Xiaomi as the company is currently renting its office space in Beijing.
Xiaomi currently has regional offices in Wuhan, Nanjing, and Jiangsu provinces. The offices focus on the development of a wide range of products, from cloud computing to artificial intelligence.
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