Alibaba has bought half of a $1.2bn skyscraper in Singapore as China’s largest tech company ramps up its push into south-east Asia.
The ecommerce company’s local subsidiary will purchase the stake in the 50-floor Axa Tower in downtown Singapore from a group led by Perennial Real Estate, the property company said in a filing. The transaction is the biggest commercial deal in the Asian city-state since 2017.
In one of the largest property deals that Alibaba has made outside of China, it will also help to expand the tower by nearly a fifth when the deal closes later this year. Perennial said the redevelopment would create a “landmark” in Singapore’s central business district.
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