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Alibaba, Ant buy top 13 floors of One Causeway Bay in vote of confidence for Hong Kong

Alibaba and Ant bought 301,555 square feet of space in the top 13 floors of the 24-storey building, with parking space for 50 vehicles and signage rights

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One Causeway Bay (left) office tower in Causeway Bay on October 17, 2025. Photo: Robert Ng
Cheryl ArcibalandSalina Li
Alibaba Group Holding and Ant Group have agreed to pay HK$7.2 billion (US$925 million) to buy the top floors of a Causeway Bay office tower that Mandarin Oriental International is building on the site of The Excelsior hotel, marking Hong Kong’s largest real estate transactions since 2021.

Alibaba and Ant bought 301,555 sq ft (28,015 square metres) of space, comprising the top 13 floors of the 24-storey building, with parking space for 50 vehicles and signage rights to the tower, according to Mandarin Oriental.

“This landmark property acquisition reflects our confidence in Hong Kong’s economy and operating environment, and we see Hong Kong as an ideal home base for our international expansion,” said Joe Tsai, the chairman of Alibaba, which owns the Post. “Alibaba has always had a strong presence in Hong Kong since our inception in 1999. For a global technology company, the city offers professional talent, robust capital markets, an innovative culture and connectivity to the world.”

The transaction, which prices One Causeway Bay at an average of HK$23,876 per square foot, is the latest in a string of big-ticket property deals that are bringing some relief to Hong Kong’s commercial property glut. An estimated 15 million sq ft of commercial office space lay vacant around the city, more than the combined prime space of the Central business district, according to CBRE.
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