In the middle of the heated search war in China, Qihoo 360 (NYSE: QIHU) splashed its budget on office space, probably to increase headcount to support its search business. The 69,205 square meters in Chaoyang District, Beijing costs Qihoo 360 a total of US$218 million.
“Cash payments related to the purchase for 2012, 2013 and 2014 are approximately RMB142 million (US$22 million), RMB718 million (US$113 million), and RMB524 million (US$82 million), respectively.”
Mr. Xiangdong Qi, President of Qihoo 360 said in the statement:
In 2011, we more than doubled our headcount, and will continue to add talented professionals to our team to support the rapid growth of our business. We believe a centralized office space will enhance our operational efficiency as we continue to execute on our core strategy to maintain our market leading position and to further diversify our products and services.
Related and an interesting read: Inside Life at Qihoo 360: Working Under Constant Fear of CEO Zhou Hongyi
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