Alibaba Group and ByteDance are expanding their footprint in Hong Kong and have signed leases in recent months to increase office space in the city, according to people familiar with the matter. Some financial firms, by contrast, are considering shrinking space in Hong Kong, the world’s most expensive office market.
Photo by Flicker
ByteDance has signed a three-year lease on about 3,000 square feet of office space in Times Square, Causeway Bay, hong Kong, according to people familiar with the matter. Ali rented another floor spanning about 17,000 square feet in the same office building. Ali currently leases three floors and 12 additional units in the office building.
As growth slows in the home market, the new lease highlights the ambitions of the two tech giants to expand their global footprint. ByteDance is looking for the next global hit to replicate their online entertainment success with TikTok, an overseas version of the company, while Ali’s e-commerce, cloud computing and other departments are tapping overseas customers and customers.
Ali and ByteDance declined to comment.