Mandarin Oriental International has sold the 13 floors of One Causeway Bay to Alibaba and Ant Group for US$925 million ($1.2 billion).
Alibaba and Ant Group have acquired this space as their headquarters in Hong Kong, as well as the building’s rooftop signage and 50 parking spaces. The total property is 301,555 square feet.
The purchase price of the property reflects the carrying value of the property by Mandarin Oriental as of June 30, 2025, based on a market valuation of the property prepared by an
independent valuation firm.
The property represents 36% of the total value of Mandarin Oriental’s tangible fixed assets and investment properties.
Mandarin Oriental will repay borrowings of US$96 million drawn for construction of the property and will retain up to 3% of gross proceeds to fund the remaining construction cost of One Causeway Bay.
The company will provide the purchasers with a fixed sum of US$37 million towards planned
enhancements to the property. The remaining proceeds, after selling expenses, are expected to amount to approximately US$758m and will be distributed to shareholders via a special dividend.
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Shares in Mandarin Oriental closed 1 US cent higher or 0.42% up at US$2.40 on Oct 17.
