ByteDance to Splurge USD1.5 Billion on Beijing Office Blocks
Liao Shumin
DATE:  Nov 03 2020
/ SOURCE:  Yicai
ByteDance to Splurge USD1.5 Billion on Beijing Office Blocks ByteDance to Splurge USD1.5 Billion on Beijing Office Blocks

(Yicai Global) Nov. 3 -- TikTok parent ByteDance Technology started using an office building in Beijing’s northwestern Haidian district tech corridor yesterday into which thousands of its employees have already moved. The firm bought the property, its first self-owned office building, for around CNY5 billion (USD747.2 million) and will soon buy more such properties in the Chinese capital for another CNY10 billion.

The building is a rare low-density office building near Beijing’s North Third Ring Road, China News Service reported today. The edifice, which covers around 23,000 square meters, has four aboveground stories and three below, and ByteDance bought the structure last year, public data show.

The locally-based firm has had no office buildings of its own since it formed in 2012 and has hence had to move frequently to house its ballooning staff in hermit crab fashion.

ByteDance’s worldwide workforce will jump to 100,000 by the end of this year from its then-60,000, the company forecast in March. The firm offered 12,000 jobs to newly-minted graduates via on-campus recruitments this year, many more than other internet outfits, media previously reported.

ByteDance is also growing its teams in Shenzhen, Shanghai and Chengdu.

It bought a commercial plot for nearly CNY1.1 billion in June for its headquarters in the Guangdong-Hong Kong-Macau Great Bay Area. It will also pump more cash into Shanghai and hike its employee count in the eastern financial hub to 20,000 in the next three years, the firm announced in July. It completed its innovative business center in a high-tech development zone in the southwestern megacity of Chengdu in August, projecting staff in the enclave will number in the tens of thousands within five years.

Editor: Ben Armour, Xiao Yi

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Keywords:   Bytedance,office building,Haidian District