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ByteDance, the owner of TikTok, has purchased two parcels of land in central Beijing for approximately CNY2.8 billion (about USD403.4 million) to develop new office spaces to support its ongoing business growth.
According to city planning authorities, the subsidiary acquired these plots in Haidian district during a land auction held on February 3. The combined area of the two parcels is 39,522 square meters, with an expected above-ground construction area of roughly 96,812 square meters.
Construction is scheduled to start within a year of finalizing the purchase agreement, with completion planned within three years, the authorities stated.
The company’s move to acquire new office sites is driven by the need for expansion. Guo Yi, chief analyst at Heshuo Real Estate Brokerage, explained that companies often prefer to own their office buildings to avoid rent variability, which is beneficial for asset appreciation and boosting brand presence.
The land was previously occupied by Lanjing Lijia, a home decor retail mall that closed at the end of last April and is planning to relocate. Following this, the land was repossessed by the government and later auctioned to transfer its usage rights.
In the vicinity, the company has already established an office hub, including properties like Zhongkun Plaza, purchased for CNY9 billion in 2019, to house research, development, and operations teams for Douyin (TikTok’s Chinese counterpart) and its smart office platform Feishu. It also acquired the Fangheng Fashion Center to the west for CNY5 billion in 2020, rebranding it as Douyin Fangheng Plaza, which hosts teams from Douyin and Toutiao, a news aggregator.
Amid the rapid rise of China’s digital economy, major tech firms have been actively buying land to expand their office infrastructure. Since 2019, ByteDance has invested around CNY31.2 billion (approximately USD4.5 billion) in land across Beijing, Shanghai, Shenzhen, and other major cities.
Similarly, Tencent Holdings, a gaming and internet giant, spent CNY8.5 billion in 2019 and CNY6.4 billion in 2024 purchasing land in Shenzhen and Beijing for their headquarters. Meituan, the leading on-demand delivery service provider, invested CNY6.5 billion in Shanghai in late 2020 for a tech center, while Bilibili committed CNY8.1 billion in early 2021 to develop a next-generation industrial park nearby.
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