GSX Techedu acquires commercial real estate in Zhengzhou, China

TAGS

GSX Techedu, an online K-12 large-class after-school tutoring service provider in , said that it had acquired several commercial real estate plots in the Economics Development Area of in for a total sum of RMB333.8 million ($48 million).

The Chinese education company paid the first installment of RMB69 million ($9.95 million) and is likely to pay the remaining installments in the next three years.

See also  Jabil announces $2.2bn deal to sell mobility business to BYD Electronics

The commercial real estate plots acquired by includes a couple of completed office buildings and an office building in construction.

The Chinese tutoring service provider will look to use the premises for business operating functions. It expects to start business operations in the acquired office buildings in the second half of this year.

See also  Reliance Industries 2Q FY22 profit surges 46% to Rs 154.8bn

GSX Techedu is engaged in offering K-12 courses covering all primary and secondary grades apart from foreign language, professional and interest courses.

GSX Techedu acquires commercial real estate in Zhengzhou, China

GSX Techedu acquires commercial real estate in Zhengzhou, China. Photo courtesy of PublicDomainPictures from Pixabay.

CATEGORIES
TAGS
Share This