US$34.7 Million Invested in 6,364.5 Square Meters Grade-A Office Space Locatedin the Heart of Shenzhen's Central Business District
HONG KONG, July 21 /Xinhua-PRNewswire-FirstCall/ -- Global Sources (NASDAQ:GSOL) has entered into contracts to purchase additional office space in Shenzhen's Central Business District, (middle photo) which will be leased to the Company's sales representatives, as part of their China expansion.
HONG KONG, July 21 /Xinhua-PRNewswire-FirstCall/ -- Global Sources (NASDAQ:GSOL) has entered into contracts to purchase additional office space in Shenzhen's Central Business District, (middle photo) which 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 3 floors in the Shenzhen International Chamber of Commerce Tower, is RMB 238 million (approximately US$34.7 million), and the completion of the property purchase is expected to occur in September 2008.
Global Sources' Chairman and CEO, Merle A. Hinrichs, (top right photo) 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 US$19 million in 2004.Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of E
nglish-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.
nglish-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.Global Sources has been facilitating global trade for 37 years. Global Sources' network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,100 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
CONTACTS:
Press contact in Asia: Camellia So, +852-2555-5021,cso@globalsources.com;
Press contact in U.S.: James W.W. Strachan of GlobalSources, +1-480-664-8309, strachan@globalsources.com;
Investor contact inAsia: IR Department of Global Sources, +852-2555-4777, investor@globalsources.com;
Investor Contact in U.S.: Kirsten Chapman ofLippert-Heilshorn & Associates, Inc., +1-415-433-3777, investor@globalsources.com
Web site: http://www.globalsources.com/
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