News By/Courtesy: Athul Joseph | 30 Jun 2020 16:18pm IST

HIGHLIGHTS

  • Vivo paid about US$182 million for the site of its new 32-storey headquarters, which will house 5,800 workers
  • US architectural firm NBBJ, designer of the new Vivo tower, said China’s tech giants have outgrown their old digs and are now seeking space to anchor a potential wave of future global expansion.
  • New HQ for Chinese tech supplier VIVO will feature gardens on every floor

China's No. 2 smartphone company Vivo Mobile Communications Co. has broken ground at a high-rise building in Shenzhen to house its future headquarters, reflecting the boom in the country 's booming technology market. Scheduled for completion in 2025, the 32-story gadget manufacturer will house 5,800 employees and was planned by NBBJ, the architects behind Samsung's Silicon Valley campus and Seattle's Amazon Spheres. The new building will feature Vivo's flagship store, indoor gardens on all floors, and a curved facade with self-shaped glass, according to the architectural firm. Vivo joins Tencent Holdings Ltd. and ByteDance Ltd. in spending a lot of money on new office space-Much of it in the bustling technology hub of Shenzhen — adds to a mega-building boom at a time when economic turmoil is forcing other businesses to cut back. WeChat operator Tencent is constructing an adjacent campus approximately the size of Midtown Manhattan on reclaimed land in Qianhai Bay, costing the company $1.2 billion. Vivo paid 1.3 billion yuan ($182 million) for the location of its new headquarters, and ByteDance, the owner of TikTok, also invested 1.1 billion yuan on the property in the city's downtown district, according to the local land authority. Kuaishou, a YouTube-like video platform supported by Tencent, is spending 3 billion yuan based on its fledgling e-commerce business in Chengdu, complete with live-streaming studios for hawking goods.

Some analysts claim that building booms signify an overheated economy that immediately preceded a crash. Yet NBBJ, which also built campuses for Google's Alphabet Inc. and Ant Group's associated Alibaba Group Holding Ltd., claims that China's tech giants have outgrown their old digs and are now merely finding space to anchor a possible wave of future global expansion. Vivo, which began life amid Android 's rise ten years ago, has grown significantly into a leader at home and across Asia and Europe, alongside compatriots Huawei Technologies Co. and Xiaomi Corp. The production encapsulates the way Chinese names have started to wave abroad[i].\ "What we've seen right now is part of the natural life cycle of these businesses, where they've outgrown their current facilities and need new ones to operationally sustain their increasing global scope," said NBBJ partner Robert Mankin, who is responsible for the Vivo project. "It's very uncommon for businesses in the U.S. to create their headquarters building, and you still see it in Asia."

Tencent currently has 38,000 workers in Shenzhen, with a headcount forecast to more than double in seven years, according to the local government. ByteDance said it plans to create 40,000 new jobs this year, and the start-up leased new offices in Hong Kong and purchased a Beijing shopping plaza to turn it into a workplace. Oppo, the cross-town competitor of Vivo, is also building new headquarters in Shenzhen. The building, designed by Zaha Hadid Architects, will feature a 20-story vertical lobby, an art gallery, shops, and restaurants. The building is expected to be completed by 2025.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING. 

Section Editor: Pushpit Singh | 30 Jun 2020 17:11pm IST


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