Back Ctrip To Buy Certain Premises In Sky SOHO For $497 Mln

(RTTNews) - Ctrip.com International Ltd (CTRP) said Sunday that the company, through Ctrip Travel Network Technology (Shanghai) Co Ltd., one of its PRC wholly owned subsidiaries, and other affiliates of the company, entered into a pre-sale framework agreement with SOHO (Shanghai) Investment Co Ltd, pursuant to which the company agreed to purchase certain premises with an aggregate sellable gross floor area ("GFA") of 100,167 square meters and certain auxiliary facilities in Sky SOHO for a total consideration of about RMB3.05 billion (US$497 million).

The company plans to use the existing cash balance to fund the purchase and does not expect this purchase to have material adverse impact on its income statement.

The new premises are expected to be used to support the company's fast growing business and to enhance operation efficiency in the future, especially for technology development and business innovation centers.