August 26, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Changyou.com, Ltd. (NASDAQ: CYOU), an online game developer and operator in China, said it recently signed an agreement with a property developer to purchase an office building to be built in Beijing for total cash consideration of around $146 million. The company said it plans to pay the purchase price using its cash reserve, and is to pay for the building in installments upon completion of various milestones.

According to Changyou, the building is expected to have an office and ancillary area of around 56,200 square meters, and is to serve as the company's headquarters.

Under the agreement, the developer is to start construction in the first half of 2011, subject to necessary permits being obtained, and is expected to complete construction and deliver the building to Changyou by the end of 2012.

The agreement calls for the company and the developer to enter into a detailed purchase and sale agreement after the developer has finished obtaining all governmental permits necessary to permit the development and sale of the building.

China-based Changyou.com’s massively multi-player online role-playing games business began operations as a business unit within Sohu.com Inc. (NASDAQ: SOHU) in 2003.

Changyou, a developer and operator of online games in China, was carved out as a separate, stand-alone company in December 2007, and completed an initial public offering on April 7, 2009.

Changyou currently operates five online games, including the in-house developed Tian Long Ba Bu, a popular online game in China, and the licensed Blade Online, Blade Hero 2, Da Hua Shui Hu and Zhong Hua Ying Xiong.

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