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Vimicro to set up new site in Beijing

Posted: 07 Mar 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Vimicro International? R&D? land acquisition? new site?

Fabless company Vimicro International Corp. recently entered into an agreement to acquire the land-use right for approximately 17,300sqm of land in Haidian District, Beijing.

According to the press release, the land will be the site of a new building, which will become the Vimicro's new headquarters and accommodate an R&D center. The aggregate consideration for the acquisition of the land-use right and the construction of the new building is approximately $38.4 million to be paid in installments.

The company will be required to obtain necessary governmental approvals for the proposed project. The construction of the new building is estimated to be completed by 2009.

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