Alibaba Group Holding and Ant Group have jointly announced the purchase of the top floors of an office tower in Causeway Bay, Hong Kong, for HK$7.2 billion (US$925 million), marking the city's most significant real estate transaction since 2021. The deal secures 301,555 square feet of space across the top 13 floors of the building being developed on the former site of The Excelsior hotel, and includes parking for 50 vehicles and signage rights. Alibaba's chairman, Joe Tsai, stated, "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." The move is seen as a positive development for Hong Kong's commercial property market, which has been experiencing high vacancy rates. In other news, an analyst report from BOCI maintained a 'Buy' rating on Alibaba, noting the company's commitment to its AI strategy and the market's focus on its e-commerce performance during the upcoming Double 11 shopping festival. Additionally, it was reported that 30% of Alibaba's code is now generated by AI, highlighting the company's advancements in this area.