(Yicai) Oct. 23 -- Chinese game developer MiHoYo Network Technology acquired a piece of land in Shanghai’s Xuhui district for nearly CNY1.1 billion (USD150.3 million) for its headquarters building.

MiHoYo’s unit Shanghai Time Junction Technology bought a piece of land in the Caohejing High-tech Park on Oct. 18, according to the Shanghai Municipal Bureau of Planning and Natural Resources.

The Caohejing High-tech Park has gathered many Chinese tech and gaming giants, including Tencent Holdings, NetEase, ByteDance, SenseTime Group, Kuaishou Technology, and Lilith Games. Mihoyo’s main office is not far from there.

The annual sales revenue of the company owning the land should reach at least CNY1.6 billion by 2025, while its total annual tax revenue should be at least CNY3.3 billion, according to the land transfer contract. The building on the land should be a research and development HQ, the contract noted, adding that MiHoYo should begin construction within 12 months after the delivery of the land and complete it within the next 60 months.

MiHoYo achieved a business revenue of CNY27.3 billion (USD3.7 billion) and a net profit of CNY16.1 billion last year, Guangming Daily reported. The firm’s net assets reached CNY37.4 billion by the end of last year.

Editor: Futura Costaglione