Shanghai Commercial Property Won by Xiaomi Is for New Local Headquarter

On October 23, an individual close to Xiaomi‘s deal for commercial land in Shanghai said that the property is not intended for the firm’s carmaking business, but for the new Shanghai headquarter, planned as early as 2018.

“At present, the functions of Shanghai headquarter include mobile phone research and development, finance, internet and other businesses. Employees in these departments are working in separate offices. The construction plan of this land is to combine these teams,” the person added.

According to previous reports, the website of the Shanghai Municipal Planning and Natural Resources Bureau shows that the commercial office property in Xuhui District of Shanghai was won by Mi Space SH Limited, with a transaction price of 1.55 billion yuan ($242.6 million) and a floor price of 31,001 yuan/㎡.

SEE ALSO: Xiaomi Secures Shanghai Commercial Property for 1.55 Billion Yuan, Speculated as Site of Auto Business R&D Center

According to Tianyancha, a Chinese business data search firm, Mi Space SH Limited is an indirect wholly-owned subsidiary of Xiaomi, just established on May 28 this year with a registered capital of 680.2 million yuan. Its legal representative is Zhang Feng, a senior partner and Vice President of Xiaomi, as well as the legal representative of Mi Space in Beijing, Nanjing, Wuhan and other branches.