Alibaba, Ant to Buy Hong Kong Office Space for $925 Million

By Kimberley Kao

Alibaba Group and Ant Group have agreed to acquire the top floors of an office tower in a prime Hong Kong district for about $925 million as part of their global expansion plan.

The Chinese e-commerce giant and its affiliate will buy the top 13 floors of One Causeway Bay from Mandarin Oriental International to serve as their Hong Kong headquarters, the companies said in separate statements Friday. The deal is the largest office property transaction in Hong Kong since 2021, according to Alibaba and Ant.

"This landmark property acquisition reflects our confidence in Hong Kong's economy and operating environment, and we see Hong Kong as an ideal home base for our international expansion," Alibaba Chairman Joe Tsai said.

Ant Chairman Eric Jing said the financial-technology company will continue to boost investment in the city, attract top global talent and strengthen its local team to carry out its "globalization strategy".

Both companies have substantial ties to the Asian financial hub.

Alibaba set up its first finance and legal operations in Hong Kong in 1999, the year the company was founded. In 2014, its cloud computing business entered the Hong Kong market with the establishment of its first data center in the city. Payment app AlipayHK, which Ant launched in 2017 in collaboration with local partners, now has more than 4.5 million active users.

Mandarin Oriental said the deal, which includes parking space for 50 vehicles and signage rights to the Causeway Bay building, is expected to be completed by the end of the year.

The sale advances Mandarin Oriental's asset-light strategy and will allow a significant capital return to shareholders, the Singapore-listed hotel operator said.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

October 17, 2025 08:40 ET (12:40 GMT)