BRIEF: Alibaba, Ant Group to buy prime Hong Kong office for $925 million

9988.HK BABA.US

E-commerce giant Alibaba Group Holding Ltd. (BABA.US; 9988.HK) and its financial affiliate, Ant Group Co. Ltd., announced they will acquire multiple floors in a prime office building in Hong Kong’s Causeway Bay district for HK$7.2 billion ($925 million). The deal represents the largest office property transaction in Hong Kong since 2021, the companies said in their Friday announcement.

Alibaba and Ant said they will use the floors at One Causeway Bay, being purchased from Mandarin Oriental International Group, for use as their Hong Kong headquarters. The purchase involves more than 300,000 square feet of space on the top 13 floors of the 24-story building, according to media reports.

Alibaba’s Hong Kong-listed shares rose nearly 5% on Monday. The stock has nearly doubled this year.

By Doug Young

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