Alibaba Group Holding Limited and Ant Group Co., Ltd. have agreed to purchase several office floors at One Causeway Bay from Mandarin Oriental International Group for about HK$7.2 billion (US $925 million). The property will serve as their Hong Kong headquarters, marking the largest office property deal in Hong Kong since 2021.
The acquisition signals both companies’ recognition of Hong Kong as an international business and financial center and highlights its growing importance in technological innovation. Alibaba and Ant Group aim to build on their longstanding operations in the city as they look to expand internationally.
Joe Tsai, Chairman of Alibaba Group, stated: “Alibaba has always had a strong presence in Hong Kong since our inception in 1999. For a global technology company, the city offers professional talent, robust capital markets, an innovative culture and connectivity to the world. 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.”
Eric Jing, Chairman of Ant Group, said: “Ant is actively participating in Hong Kong’s development as an innovation hub and an integral part of the Greater Bay Area economy. The city’s entrepreneurial culture and its connector role between China and global markets give us confidence to strengthen our presence in Hong Kong. Looking ahead, we will continue to increase our investment in the city, attract top global talent, and strengthen our local team. These efforts will support the execution of our globalization strategy and contribute to Hong Kong’s development as an international innovation and technology hub.”
Alibaba’s history in Hong Kong dates back to its founding year in 1999 when it set up finance and legal operations there. In 2005, Taobao began enabling local retailers to reach consumers in mainland China. The company’s cloud computing division established its first Hong Kong data center in 2014. In 2019, Alibaba completed its secondary listing on the Hong Kong Stock Exchange; this was converted to a primary listing in 2024, making Alibaba the first Chinese technology firm with dual-primary listings in both New York and Hong Kong.
Ant Group has also maintained a strong presence in Hong Kong. Its digital payments platform launched AlipayHK in 2017 with local partners, helping to drive widespread adoption of digital payments among more than 4.5 million active users. The company is exploring new partnerships to develop applications for advanced technologies like AI and blockchain. In April, Ant Digital Technologies was named a “Key Enterprise Partner” by the Hong Kong SAR Government and set up its overseas headquarters in the city.
The two companies say these moves are part of broader strategies to support globalization and contribute to Hong Kong’s growth as a center for innovation and technology.