US$34.7 Million Invested in 6,364.5 Square Meters Grade-A Office Space Located in the Heart of Shenzhen’s Central Business District
HONG KONG, July 21 /Xinhua-PRNewswire-FirstCall/ -- Global Sources (Nasdaq: GSOL) has entered into contracts to purchase additional office space in Shenzhen’s Central Business District, which will be leased to the Company’s sales representatives, as part of their China expansion.
(Logo: http://www.prnasia.com/sa/200708071747.jpg )
The total purchase price for the 6,364.5 square meters (gross) space, which consists of 3 floors in the Shenzhen International Chamber of Commerce Tower, is RMB 238 million (approximately US$34.7 million), and the completion of the property purchase is expected to occur in September 2008.
Global Sources’ Chairman and CEO, Merle A. Hinrichs, said: "Shenzhen not only remains one of China’s key manufacturing and export centers, it is an ideal location to recruit the best sales and trade talent in the industry.
"This brings our total office space in the city to over 15,000 square meters, which will accommodate our China sales representatives’ plans to build a team of nearly 600 sales executives in Shenzhen.
"This represents our further commitment to the Greater China market. We also believe that Shenzhen real estate in this location will appreciate in value over time."
The new office space purchase expands the company’s portfolio of real estate holdings in China, which includes its existing 9,000 square meters of office space in the Shenzhen International Chamber of Commerce Tower, bought for approximately US$19 million in 2004.
About Global Sources
Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 700,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 2.6 million products and more than 195,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 specialized trade shows which run 27 times a year across eight cities.
Suppliers receive more than 32 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for 37 years. Global Sources’ network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,100 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933, as amended and Section 21-E of the Securities Exchange Act of 1934, as amended. The company’s actual results could differ materially from those set forth in the forward-looking statements as a result of the risks associated with the company’s business, changes in general economic conditions, and changes in the assumptions used in making such forward-looking statements.
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in Asia:
Investor Relations Department
Tel: +852-2555-4777
Email: investor@globalsources.com
Global Sources Investor Contact in U.S.:
Kirsten Chapman
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: investor@globalsources.com
