Xin Lang Cai Jing·2025-10-27 04:07Core Insights - Alibaba's former CEO Zhang Yong purchased a luxury residence in Hong Kong for 53.54 million HKD (approximately 49.11 million RMB) through his wholly-owned British Virgin Islands company [1][3] Group 1: Transaction Details - The transaction involves a residential unit located in Bamboo Grove, with a usable area of approximately 2,084 square feet (about 193 square meters) [3] - The initial deposit of 2.677 million HKD (5% of the total price) was paid at the time of signing the agreement, with the sale contract expected to be signed by November 7, 2023 [3] - The remaining payment will be completed by January 24, 2026, with an additional deposit of 2.677 million HKD, bringing the total deposits to 10% of the purchase price [3] Group 2: Company Background - Hysan Development Company Limited, the seller, is a well-established property developer in Hong Kong, primarily engaged in the investment and leasing of shops, office buildings, and residential units [3] - Zhang Yong was appointed as an independent non-executive director and a member of the board committee of Hysan Development on December 9, 2024 [3] Group 3: Zhang Yong's Background - Zhang Yong has been with Alibaba since 2007, holding various positions including CFO and COO before becoming CEO in 2015 [4][5] - He has previously stated that the best investment is in oneself rather than in real estate, having lived in a five-star hotel in Hangzhou since joining Alibaba [4]