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Alibaba affiliate Ant Group pays US$202 million for second plot of land in its hometown of Hangzhou
- The land in Hangzhou’s Zhijiang National Tourist Resort Area can yield a total gross floor area of 325,795 square metres
- The Alipay operator had acquired a much bigger plot nearby last October where the company reportedly plans to build its global headquarters
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Ant Group, controlled by Chinese billionaire Jack Ma, on Tuesday won a large commercial site in Hangzhou, its second in its hometown for 1.31 billion yuan (US$202 million), according to the city government records.
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The price of the land in Zhijiang National Tourist Resort Area, West Lake district, which can yield a total gross floor area of 325,795 square metres, works out to 4,035 yuan per square metre. Ant, an affiliate of Alibaba Group Holding, the owner of this newspaper, paid about 22 per cent less than it did for a nearby site it acquired last year.
Ant paid 2.7 billion yuan, or 5,194 yuan per sq metre, for the parcel last October that can yield a total gross floor area of 519,000 sq m. The latest acquisition gives the group a total gross floor area of 845,295 sq m in the district.
The operator of the Alipay online payment platform plans to build its global headquarters on the first site, according to mainland media.
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Ant Group declined to comment on the latest land acquisition.
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