3 6 Ke·2025-12-24 06:49Core Viewpoint - In 2025, Chinese internet companies have become significant players in the real estate market, actively investing in properties and land despite a generally sluggish market, driven by both business needs and broader aspirations [2][3][14]. Group 1: Major Transactions - Alibaba and Ant Group invested 7.2 billion HKD (approximately 925 million USD) in a commercial office building in Hong Kong, marking the largest office transaction in the region since 2021 [3]. - JD.com announced an investment of approximately 3.473 billion HKD in part of the China Construction Bank Tower in Hong Kong, covering an area of about 11,202 square meters [3]. - These two transactions together account for about 30% of the total large transactions in Hong Kong's Grade A office market for the year [3]. Group 2: Domestic Investments - JD.com commenced construction on its Nanjing R&D center project with a total investment of 3.5 billion CNY and a building area of approximately 274,000 square meters [4]. - Douyin Group acquired a plot in Guangzhou for 1.214 billion CNY, planning to develop a new headquarters focused on a "technology town" [6][7]. Group 3: Expansion of Internet Companies - Internet companies, including smaller firms like Hometown Interactive and Yanju Network, are also investing in real estate, with Hometown Interactive purchasing property in Shenzhen for 107 million CNY [7]. - Yanju Network has made two real estate purchases this year, totaling over 3.1 billion CNY, to establish its global headquarters [7]. Group 4: New Landmarks and Headquarters - JD.com is developing significant projects in multiple cities, including a 10 billion CNY investment in a comprehensive center in Shanghai, expected to be completed by 2027 [10]. - ByteDance is establishing new headquarters in Shenzhen and Hangzhou, with investments of over 2 billion CNY and 2.7 billion CNY respectively, contributing to the digital economy in these regions [11]. Group 5: Economic Impact and Trends - The trend of internet companies investing in real estate is part of a broader "headquarters economy" strategy, which aims to drive local economic growth and attract talent [14][19]. - Cities are actively promoting the establishment of internet company headquarters to stimulate economic transformation and growth, with a significant increase in the market size of the headquarters economy projected [19][20].