Chinese ecommerce firm Pinduoduo has reportedly bought DBS Bank Tower in Shanghai’s Lujiazui financial district for about 3.3 billion yuan (US$486 million).

The source said it was one of the largest office-building deals by value in Shanghai’s bulk transaction market in the first half.

DBS confirmed plans to move to Shanghai’s Jin Mao Tower.

Records from Chinese corporate database Tianyancha show that Shanghai Xinpinmu Pudong E-Commerce Co. Ltd. was registered at the tower in February with 5 billion yuan (US$737 million) in registered capital.

PDD Holdings said on March 25 it had set up Xinpinmu as a Shanghai entity with an initial 15-billion-yuan cash injection under a three-year plan to build a global network of in-house brands. The plan combines PDD’s domestic supply chain with Temu’s overseas reach.

The Xinpinmu initiative also aims to support Chinese merchants with customized manufacturing, warehousing, and logistics.

🔗 Source: Security Times

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