BUSINESS

Alibaba, Ant Group Snap Up Hong Kong Office Tower in $925 Million Deal

Published: Oct. 18, 2025 3:25 a.m. GMT+8

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Hong Kong’s Grade A office market saw net absorption reach 401,000 square feet in the third quarter of 2025 — the highest since mid-2019

Alibaba Group Holding Ltd. and its fintech affiliate Ant Group Co. Ltd. have jointly acquired the top 13 floors of the 24-storey One Causeway Bay tower in Hong Kong’s Causeway Bay district for $925 million, marking the city’s largest office transaction in nearly five years.

Announced Friday, the purchase includes nearly 301,600 square feet of premium office space, rooftop advertising rights, and parking facilities. The average price came to about HK$23,900 per square foot ($28,419 per square meter). The site will serve as their joint Hong Kong headquarters.

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Alibaba and Ant Group bought the top 13 floors of One Causeway Bay in Hong Kong for $925 million, securing 301,600 sq. ft. for joint headquarters.
The transaction is Hong Kong’s largest office deal in nearly five years and reflects a corporate shift toward property ownership amid market recovery.
Demand for Grade A offices is rising, with net absorption at 401,000 sq. ft. in Q3 2025, and other major institutions are also purchasing office space.

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Who’s Who

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. and its affiliate Ant Group purchased the top 13 floors of One Causeway Bay for $925 million as their joint Hong Kong headquarters. This transaction, Hong Kong's largest office deal in nearly five years, signals a shift towards property ownership and reflects Alibaba's long-term commitment to the city and its localization efforts.

Ant Group Co. Ltd.: Ant Group Co. Ltd. (蚂蚁集团), a fintech affiliate of Alibaba, has jointly purchased the top 13 floors of One Causeway Bay in Hong Kong. This acquisition, valued at $925 million, will serve as their joint headquarters and underscores their commitment to Hong Kong as a vital innovation hub. Ant Group plans to expand its local team following the acquisition.

Cushman & Wakefield: Cushman & Wakefield, a real estate services firm, brokered the deal for Alibaba and Ant Group's acquisition of office space in Hong Kong. The firm also reported that Hong Kong's Grade A office market experienced significant net absorption in Q3 2025, the highest since mid-2019, indicating a recovery in market demand, particularly for high-end offices.

Jane Street: In June, quantitative trading firm Jane Street signed a lease for over 223,000 square feet in The Henderson, located in a core business district. This deal represents the largest leasing agreement in that area in decades, signaling strong recovery momentum in Hong Kong's commercial property market.

Henderson Land Development Co. Ltd.: Henderson Land Development Co. Ltd. (恒基地产) owns "The Henderson," a property in Hong Kong's core business district. Quantitative trading firm Jane Street signed a lease for over 223,000 square feet in The Henderson in June, marking the largest leasing deal in the area in decades.

Hong Kong Exchanges & Clearing Ltd.: Hong Kong Exchanges & Clearing Ltd. (HKEX) purchased nine floors in Exchange Square One for HK$6.3 billion (approximately $806 million). This move exemplifies a growing trend among institutions to shift from leasing to ownership of office spaces in Hong Kong.

Swire Properties Ltd.: In late 2023, Swire Properties Ltd. sold 12 floors in One Island East to the Securities and Futures Commission for HK$5.4 billion. This acquisition allowed the Commission to establish its permanent headquarters.

AI generated, for reference only