(Yicai Global) Oct. 29 -- Beijing-based internet company Xiaomi has handed in its CNY531 million (USD79.1 million) bid for a piece of land in Shenzhen to build its international headquarters there.

The smartphone, wearables, and home appliance maker would invest CNY7.8 billion (USD1.2 billion) in the project in the southeastern city's Nanshan district, the Shenzhen Evening News reported today. Tiktok owner ByteDance has acquired land in the same district for CNY1.1 billion earlier this year to set up an office there.

Xiaomi's business in Shenzhen would cover the three areas of smartphones and artificial intelligence, business development, and internet services to expand overseas.

The company's cumulative revenue should total about CNY51 billion (USD7.6 billion) between this year and 2024, Wang Xiang, president of Xiaomi, told the same news outlet.

Editor: Emmi Laine