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HoYoverse Secures Prime Land in Shanghai for 10.77 Billion CNY

By Xueyang
Oct. 20, 2023 updated 07:52

HoYoverse Secures Prime Land in Shanghai for10.772 Billion CNYHoYoverse Secures Prime Land in Shanghai for 10.77 Billion CNY

Recent disclosures from Shanghai's Planning and Natural Resources Bureau reveal that Shanghai Times Union Technology Co., Ltd., a wholly-owned subsidiary of HoYoverse (also known as miHoYo in China), has secured a land parcel in the Xuhui District's Hongmei Sub-district for a sum of 10.772 billion CNY.

Positioned at the heart of the Caohejing Development Zone, this prime plot is designated for research and design purposes, with a lease duration of 50 years. The location's strategic advantage is further amplified by its proximity to the Line 9 subway station. With a permissible above-ground construction area of about 98,000 square meters, the acquisition cost averages around 11,000 CNY per square meter.

The preliminary contract delineates financial milestones for the land's use. It mandates that the annual sales revenue generated from this plot should not be less than 159,998.34 million CNY. Additionally, the annual tax contribution must exceed 333,323.04 million CNY, translating to a tax yield intensity of not less than 187,214.91 CNY per square meter annually. These figures provide a benchmark for the 2023-2025 period. The tax contribution standards for 2026 and subsequent years will be negotiated separately with the district's industrial department.

The acquisition signifies HoYoverse's strategic expansion and its commitment to bolstering research and design endeavors in Shanghai's bustling tech and business hub.

Source: Weibo