A wholly-owned subsidiary of ByteDance has acquired two commercial plots in Haidian District in Beijing for 2.8 billion yuan (about $400 million) ,according to the official website of the Beijing Municipal Planning and Natural Resources Commission.

The two plots are located in the Lanjing Lijia storage project and are designated for comprehensive commercial and financial services. They cover a total area of 39,522 square meters, with a planned above-ground construction area of approximately 96,811.508 square meters.

According to relevant regulations, construction on the two plots must commence within 12 months of signing the land transfer contract and must be completed within three years from the date stipulated in the contract. Additionally, the land use rights are granted for a duration of 40 years for commercial purposes and 50 years for office use.