Mandarin Oriental International has completed the sale of the top 13 floors (Levels 21 to 35), rooftop signage and 50 parking spaces at One Causeway Bay to Alibaba Group and Ant Group (Picture: KPF website)
On Dec 31, Mandarin Oriental International completed the sale of the top 13 floors (Levels 21 to 35), rooftop signage and 50 parking spaces at One Causeway Bay to Alibaba Group and Ant Group, with all conditions of the transaction satisfied.
The space, totalling 301,555 sq ft, will serve as the Hong Kong headquarters for Alibaba and Ant Group. The acquisition, valued at US$925 million ($1.2 billion), was first announced on Oct 17.
Proceeds from the sale will be distributed to shareholders as a special dividend of US$0.60 per share, payable on Jan 22, 2026.
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The completion of the transaction clears a key hurdle for the recommended cash acquisition of Mandarin Oriental by Jardine Strategic, a subsidiary of Jardine Matheson. The deal is to be implemented via a scheme of arrangement under Bermuda law.
The acquisition remains on track, with a Sanction Hearing scheduled for Jan 15, 2026, and the scheme expected to become effective on Jan 19, 2026, subject to court approval.