We are an owner and developer of technology parks. We hold two parcels of land located in Guangming and Gushu, Shenzhen, China. We are converting these two parcels of land that formerly housed the manufacturing facilities of our prior businesses into high-tech research and development centers, which we refer to as our Nam Tai Inno Park and Nam Tai Inno City projects. We expect our principal income in the future will be derived from sales and rental income from these research and development centers. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP").
Formerly known as Nam Tai Electronics, Inc., we were founded in 1975 and moved our electronics manufacturing facilities to China in 1980 to take advantage of lower overhead costs, lower material costs and competitive labor rates available. We relocated to Shenzhen, China in order to capitalize on the significant opportunities offered in southern China. We were reincorporated in August 1987 as a limited liability International Business Company under the laws of the British Virgin Islands (which was amended in 2004 as The British Virgin Islands Business Companies Act, 2004). Our PRC headquarters, and the location of our former manufacturing and design facilities, are currently based in Shenzhen, China, approximately 30 miles from Hong Kong. Certain of our subsidiaries' offices are located in Hong Kong, which provide us access to Hong Kong's infrastructure of communication and banking facilities. Our corporate administrative matters are conducted in the British Virgin Islands through our registered agent, McNamara Corporate Services Limited, of McNamara Chambers, 2nd Floor, 116 Main Street, P.O. Box 3342, Road Town, Tortola, British Virgin Islands.
On July 12, 2017, Kaisa Group Holdings Ltd., or Kaisa, in a private secondary transaction, purchased 6,504,355 common shares of our company from our former Chairman, M.K. Koo, and his wife, at a price of US$17.00 per share. Subsequently, Kaisa continued to purchase common shares of our company in the open market. Based on the Schedule 13D/A filed with the SEC on December 15, 2017, Kaisa beneficially owns 9,191,050 common shares of the Company, or 24.1% of our outstanding shares. Following Kaisa's initial purchase, we began certain strategic cooperation arrangements with Kaisa, including hiring a number of engineers and real estate professionals from Kaisa to join us as officers and employees. Our shareholders have elected one of Kaisa's founders, Mr. Ying Chi Kwok, to serve as a director of our company. Our Board of Directors has elected Mr. Kwok as its Chairman and appointed him as our Chief Executive Officer, together with the appointments of Kaisa affiliates to senior management positions, such as the appointments of Hao Xu as a Non-Executive Director and Ms. Yu Zhang as our Chief Financial Officer. With the injection of the new senior management team and the support from Kaisa, we believe that we have significantly increased our execution ability and have become less reliant on external consultants. It is expected that we will continue to consult with Kaisa from time to time, leveraging Kaisa's knowledge and experience in the areas of construction and real estate development.