JD.com Bets on Hong Kong Office Comeback With $450 Million Investment
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Office buildings in Central, Hong Kong. Photo: VCG
JD.com Inc. is investing HK$3.5 billion ($450 million) for a 50% stake in a prime Hong Kong office tower, the latest move by a Chinese mainland tech giant to tap the city’s commercial real estate sector as signs of a market rebound begin to emerge.
The e-commerce company is purchasing the stake in the China Construction Bank Tower — located in the Central business district — from Lai Sun Development Co. Ltd., according to a Dec. 9 exchange filing. The transaction is subject to regulatory approvals and is expected to close in January 2026.
The transaction covers nearly 11,202 square meters (about 120,600 square feet) of office space in the 27-story building, which was completed in 2012 and sits atop a subway hub. The tower has a gross floor area of 229,206 square feet and is currently leased to China Construction Bank for its local operations, including a dedicated banking hall.
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- JD.com is investing HK$3.5 billion ($450 million) for a 50% stake in the China Construction Bank Tower in Hong Kong, covering about 11,202 sqm office space.
- The building is fully leased to China Construction Bank, and Lai Sun Development earned HK$114.5 million in rental income from its stake in 2024–2025.
- Hong Kong's office market shows signs of rebound, with Grade A office net absorption reaching 476,000 sq ft in Q4 and rents in Central up 2.5% in November.
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Who’s Who
- JD.com Inc.
- JD.com Inc. is investing HK$3.5 billion ($450 million) for a 50% stake in the China Construction Bank Tower in Hong Kong. This e-commerce company's move into a fully leased property suggests a focus on rental yields. JD has also shown long-term commitment to Hong Kong through various investments since early 2025, including logistics, acquisitions, and R&D.
- Lai Sun Development Co. Ltd.
- चाइनीस: 丽新发展有限公司, English: Lai Sun Development Co. Ltd. is selling its 50% stake in the China Construction Bank Tower to JD.com Inc. for HK$3.5 billion ($450 million). The transaction is expected to close in January 2026. The company earned HK$114.5 million in rental income from its half-ownership in the tower during the 2024–2025 fiscal year.
- China Construction Bank
- China Construction Bank fully leases the office tower in Hong Kong's Central business district where JD.com Inc. is purchasing a 50% stake. The bank uses the 27-story building, completed in 2012, for its local operations, including a dedicated banking hall.
- Alibaba Group Holding Ltd.
- Alibaba Group Holding Ltd. and Ant Group Co. Ltd. jointly acquired the top 13 floors of the One Causeway Bay tower in Hong Kong's Causeway Bay district for $925 million in October. This marked the city's largest office transaction in nearly five years, and the space was acquired for self-use.
- Ant Group Co. Ltd.
- Ant Group Co. Ltd. (蚂蚁集团), along with Alibaba Group Holding Ltd., jointly acquired the top 13 floors of the 24-story One Causeway Bay tower in Hong Kong for $925 million in October. This marked Hong Kong's largest office transaction in nearly five years, with the acquisition intended for self-use.
- Jones Lang LaSalle Inc.
- The article mentions Jones Lang LaSalle Inc. (JLL) as a property consultancy firm. JLL expects Hong Kong's Grade A office leasing market to bottom out by 2026, anticipating a rebound after a correction that began in the second half of 2019. They note that leasing demand, particularly from financial firms, is already increasing in core areas like Central.
- Cushman & Wakefield
- Cushman & Wakefield is a property consultancy firm. Their data indicates a net absorption of 476,000 square feet for Grade A offices in Hong Kong during the fourth quarter, the strongest performance since mid-2019. They also reported a 2.5% rise in rents for top-tier offices in Central from September to November, forecasting a 3% to 5% year-over-year increase in 2026. Tom Ko, their executive director and head of capital markets in Hong Kong, noted active pursuit of opportunities by investors and owner-occupiers.
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What Happened When
- 2012：
- China Construction Bank Tower was completed.
- Before Second Half of 2019：
- Grade A office leasing market in Hong Kong was stable before the correction began in the second half of 2019.
- Mid-2019：
- Last time prior to Q4 2025 that net absorption for Grade A offices was as strong.
- Second Half of 2019：
- Correction in Hong Kong's Grade A office leasing market began.
- 2024–2025 fiscal year：
- Lai Sun Development earned HK$114.5 million in rental income from its 50% holding in CCB Tower.
- Early 2025：
- JD.com began making a series of local investments in Hong Kong.
- March 2025：
- JD.com opened an automated logistics center in Hong Kong.
- August 2025：
- JD.com acquired Kai Bo Food Supermarket.
- September 2025：
- Base month for comparison of rents in Central.
- October 2025：
- Alibaba and Ant acquired the top 13 floors of One Causeway Bay tower for $925 million, marking Hong Kong's largest office transaction in nearly five years.
- November 2025：
- JD.com launched a joint research lab with Hong Kong University of Science and Technology.
- November 2025：
- Rents for top-tier offices in Central rose 2.5% from September 2025.
- Fourth Quarter of 2025：
- Net absorption of 476,000 square feet for Grade A offices recorded—strongest since mid-2019.
- Dec. 9, 2025：
- JD.com announced its HK$3.5 billion investment for a 50% stake in China Construction Bank Tower via an exchange filing.
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