TECH - Alibaba and Tencent Expand in China with Strategic Land Purchases Bet on Tech Sector's Recovery | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) and other Chinese Big Tech firms like Tencent Holdings Ltd (OTC:TCEHY) have been actively purchasing land in mainland China despite challenges in the technology and real estate sectors.
Recently, Tencent invested roughly $890 million (6.42 billion yuan) to acquire over 70,601 square meters of land in Beijing’s Haidian district to provide centralized office space for its 12,000+ employees in the city.
This move comes as the tech sector is recovering from regulatory changes and job cuts, with the industry seen as vital for China’s digital economic growth, SCMP reports.
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