• May 22, 2021

What’s the deal with this new land deal?

An eight-acre parcel of land in Idaho could be the next home for the world’s largest online real estate company, the US company Tencent said on Monday.

The company, which makes games such as WeChat, is in talks with the US state of Idaho over the acquisition of the land.

Tencent is looking to develop the site, which is adjacent to the proposed Skyview casino and other hotels, as a “game-changing” location for its “internet-based services”.

“Tencent is very committed to building a world-class, world-leading gaming facility that is an extension of our core gaming business,” said Tencent chief executive Officer Yang Hongfei.

“We have a vision for this project to create a world class gaming environment that is unlike any other in the United States and across the globe.”

Tencent also announced that it would open a new office in Shanghai and plans to build a “world class entertainment centre” in Hong Kong, with the aim of opening the “world’s largest interactive media venue”.

The firm is currently in talks to purchase a 20 per cent stake in an existing Chinese gaming franchise, which it hopes to use to grow its gaming empire.

In addition to Tencent, other companies that have interest in the site include Tencent Holdings, the online gaming giant behind social-gaming site WeChat; Alibaba Group Holding; and Alibaba Group’s gaming division.

The proposed development would also include an office space and the “highest-quality” gaming facilities in the country.

Ten cent has been investing in the gaming industry for years and has recently secured its biggest-ever investment in the company with a $3.7bn (3.8 billion euros) investment in WeChat.

Earlier this year, Tencent announced a $5.4bn investment in online-gaming firm GameFly and a $1bn investment with Alibaba Group in the “GameFly China” gaming division of Tencent’s gaming arm.

The new development will be the first development for Tencent since the company launched its own gaming-centric real estate arm, Ten Century, in 2012.

Development Is Supported By

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