Property News · May 6, 2020

Alibaba acquires 50 per cent stake in Singapore’s AXA Tower, home to its Lazada e-commerce unit


Chinese technology giant Alibaba Group Holding has acquired a 50 per cent stake in a 50-storey prime office tower in Singapore, in a deal that values the property at S$1.68 billion (US$1.2 billion).The stake in AXA Tower is being viewed as solidifying Alibaba’s commitment to the city state. “Singapore is an important market for Alibaba Group,” a spokesman said. “This investment will help fulfil our projected business needs across the Alibaba digital economy, as we continue to strengthen…

Source : South China Morning Post
Read more…Alibaba acquires 50 per cent stake in Singapore’s AXA Tower, home to its Lazada e-commerce unit