Alibaba invested $925 million to purchase the top 13 floors of One Island East building
Alibaba Group and Ant Group jointly invested $925 million (about 6.6 billion Chinese yuan) to purchase the top 13 floors of One Island East, a prime office tower in Hong Kong's Causeway Bay district. The two companies plan to use these floors as their new Hong Kong headquarters.Alibaba and Ant Group said this move marks a key step in expanding their international business operations and strengthening their global presence.
Notably, the 13 floors they acquired offer stunning 270-degree views of Victoria Harbour, adding significant prestige to the new headquarters location.
Currently, One Island East is owned by the Mandarin Oriental Hotel Group. On the evening of October 17 (Beijing time), Mandarin Oriental International - the parent company of the hotel group - announced it has signed an agreement to sell the top 13 floors of the building, including rooftop signage rights and 50 parking spaces.
The transaction is expected to close by December 31, 2025, pending final conditions.
The total office space involved in the sale covers approximately 301,600 square feet. After deducting sales-related expenses, Mandarin Oriental International expects to net around $758 million from the deal.
This $925 million purchase price sets a new record for Hong Kong office building transactions this year, surpassing the previous high set in March when the Hong Kong Stock Exchange acquired the top nine floors of One Exchange Square for 6.3 billion Hong Kong dollars.
