(Yicai Global) Aug. 26 -- TikTok owner ByteDance Technology plans to invest CNY10 billion (USD1.4 billion) in an innovative business center in Chengdu, the Chinese city’s third blockbuster project announced this month.
The new center will focus on emerging businesses such as smart learning and multimedia, Beijing-based ByteDance said in a press release today. It is expected to employ 10,000 people and notch up CNY10 billion (USD1.5 billion) in annual sales in five years.
Chengdu Hi-Tech Industrial Development Zone also inked deals with leading internet firms Tencent Holdings and NetEase on Aug. 20. Tencent plans a new CNY5 billion headquarters for the cultural and creative sectors, while NetEase aims to build a CNY1 billion digital industrial base. ByteDance penned its agreement yesterday.
Chengdu, the capital of southwest Sichuan province, has been focusing its transition strategy on the new economy in recent years. Chengdu Hi-Tech Zone is now home to more than 90,000 new economy companies. Internet giants Baidu, Kuaishou and iQiyi also invested in the city this year.
ByteDance has developed rapidly since it entered Chengdu in 2015, forming business teams for research and development, commercialization and creative spaces, the firm said, noting that the city is becoming increasingly attractive to talent as a new economy highland.
Editor: Peter Thomas