Chinese retailer JD.Com is stepping up its Hong Kong expansion with plans to spend HKD 3.5 billion (US$ 450 million) to acquire half of a major office tower in the city, as the Chinese e-commerce giant seeks new growth beyond a saturated mainland market.
Jasmine Investment Development, JD.com’s investment arm, will purchase a 50% stake in the China Construction Bank Tower from Hong Kong developer Lai Sun Group, according to statements issued on Dec. 9 by Lai Sun Garment International and Lai Sun Development. The transaction is expected to close next month.
The 27-storey CCB Tower, located in Hong Kong’s central business district, was co-developed by Lai Sun Group and China Construction Bank and opened in 2014. Under the agreement, JD.com will secure exclusive rights to 12 floors, including the first-floor lobby.
JD.com remains confident about its long-term outlook in Hong Kong, the Beijing-based firm told Yicai, adding that it plans to continue investing in supply chain capabilities while integrating retail, logistics and R&D operations to better serve the local market.
JD.com’s push into Hong Kong began years ago. The company established logistics and e-commerce units in the city as early as 2015. In 2023, JD Express set up multiple parcel operation centers across Hong Kong, bringing the full delivery cycle under its own management and improving sorting and dispatch efficiency.
This year, a new operating center serving Hong Kong Island officially opened in the first quarter. During the “618” mid-year shopping festival, JD.com’s gross merchandise value in Hong Kong jumped 104% from a year earlier, according to company data.
Offline retail has become another key focus. In August, JD.com completed its acquisition of local supermarket chain Kai Bo Food Supermarket, gaining more than 90 storefronts. A dedicated business team was created, led by Kai Bo’s founder, Lin Xiaoyi, to accelerate JD.com’s entry into the local brick-and-mortar sector. In September, JD.com also partnered with China Resources Land, announcing that the first JD MALL Hong Kong flagship store will open in Wan Chai in 2026.
The company is also extending its reach into financial services. In October, its subsidiary Jingda HK Trading Co., Limited obtained a Hong Kong insurance brokerage license valid through October 2028 and began recruiting across underwriting, marketing, operations and compliance functions, marking JD.com’s formal entry into the city’s insurance market.
The company has been stepping up its global ambitions. In July, JD.com announced plans to acquire and privatize German retail conglomerate Ceconomy—owner of electronics chains MediaMarkt and Saturn—for EUR2.2 billion (USD2.6 billion), marking the largest single acquisition by a Chinese e-commerce firm in Europe.
Ceconomy said earlier this month that JD.com has already secured a 60% stake in the group during the privatization process. The deal is expected to be completed in the first half of next year.
Explore more exclusive insights at nextfin.ai.
