Alibaba is in talks to buy the top 13 floors of One Causeway Bay in Hong Kong for about HK$7 billion (US$900 million), according to the Hong Kong Economic Times.

Alibaba and its affiliates, which currently lease 10 floors at Times Square in Causeway Bay, will see their tenancy end in 2028, the report said.

The potential purchase comes as Hong Kong’s office vacancy rate nears a record high, with commercial property values dropping and vacancies reaching about 17%.

One Causeway Bay, developed by Mandarin Oriental Hotel Group, has 29 floors and retail space.

Alibaba and fintech affiliate Ant Group have increased their presence in Hong Kong as part of their overseas expansion efforts.

🔗 Source: Bloomberg

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