Alibaba Group is reportedly in advanced discussions to purchase 13 upper floors of the One Causeway Bay building in Hong Kong’s Causeway Bay district. The potential transaction, valued at around HKD 70 billion (USD 9 billion), represents one of the largest commercial property deals in Hong Kong this year. This move aligns with Alibaba’s broader strategy to strengthen its physical asset base in Hong Kong, complementing existing leased offices in Times Square with leases expiring in 2028. The acquisition could enhance Alibaba’s operational efficiency and support its overseas expansion, particularly through its fintech subsidiary Ant Group. Hong Kong’s commercial real estate market may experience renewed interest from Chinese tech firms as a result of this deal, influencing investment trends and property valuations. The proposed acquisition involves the upper 13 floors of the 29-story One Causeway Bay tower, developed by Mandarin Oriental. This property features integrated retail spaces and premium office amenities in a prime commercial location. Alibaba currently occupies 10 floors in Times Square, and this acquisition would provide a seamless transition to owned premises when those leases expire. From a strategic perspective, this investment supports Alibaba’s international expansion efforts and reinforces Hong Kong’s position as a key hub for Chinese corporations seeking global growth opportunities.
Alibaba in Advanced Talks to Acquire HKD 70 Billion Hong Kong Office Tower
