SenseTime buys into Shanghai tower

Staff reporter

Chinese artificial intelligence giant SenseTime Group (0020) said it plans to acquire some floors in a Shanghai office tower for 3.33 billion yuan (HK$ 4.1 billion).

The property, named Shanghai West Bund International AI Tower, is an office property with a total gross area of approximately 52,998.14 square meters. As construction has only recently been completed, the property has not generated any income or profit as of date.

SenseTime is an AI software company principally engaged in the research and development of AI technology, sales and development of AI software and AI software-embedded hardware.

It intends to utilise the property as an office in light of the rapid development of the company's business and its future expansion.