BEIJING, March 5 /Xinhua-PRNewswire/ -- Vimicro International Corporation (Nasdaq: VIMC), a leading fabless semiconductor company that designs and develops multimedia semiconductor products and solutions, recently entered into an agreement to acquire the land-use right for approximately 17,300 square meters of land in Haidian District, Beijing. The land will be the site of a new building, which will become the company's new headquarters and accommodate a research and development center. The aggregate consideration for the acquisition of the land-use right and the construction of the new building is approximately RMB298 million to be paid in installments. Vimicro will be required to obtain necessary governmental approvals for the proposed project. It is estimated that the construction of this new building will be completed by 2009.
About Vimicro International Corporation
Vimicro International Corporation is a worldwide leading fabless semiconductor company that designs, develops and markets proprietary embedded multimedia signal processing chips and solutions that enable multimedia applications for mobile phones over 2.5G/3G networks and PCs over broadband Internet. Vimicro's ADSs, each of which represents four ordinary shares, are currently trading on the NASDAQ global market under the ticker symbol "VIMC."
