Media company and facilitator of trade with Greater China, Global Sources, has signed contracts to purchase additional office space in Shenzhen's Central Business District.
This will be leased to the company's sales representatives, as part of their China expansion.
The total purchase price for the 6,364.5 square meters (gross) space, which consists of three floors in the Shenzhen International Chamber of Commerce Tower, is CNY238 million and the completion of the property purchase is expected to be in September 2008.
Global Sources' chairman and CEO, Merle A. Hinrichs, said: "Shenzhen not only remains one of China's key manufacturing and export centers, it is an ideal location to recruit the best sales and trade talent in the industry.
"This brings our total office space in the city to over 15,000 square meters, which will accommodate our China sales representatives' plans to build a team of nearly 600 sales executives in Shenzhen.
"This represents our further commitment to the Greater China market. We also believe that Shenzhen real estate in this location will appreciate in value over time."
The new office space purchase expands the company's portfolio of real estate holdings in China, which includes its existing 9,000 square meters of office space in the Shenzhen International Chamber of Commerce Tower, bought for approximately USD19 million in 2004.