Alibaba and Perennial will then create a joint venture to redevelop the 50-story building, AXA Tower, located in the city’s financial district.
SINGAPORE: Chinese e-commerce giant Alibaba Group Holding Ltd has bought a 50% stake in a Singapore office tower in a deal valuing the property at S$1.68bil (US$1.2bil).
The agreement was struck with a consortium led by Perennial Real Estate Holding Ltd, with the sale expected to close around June, according to a statement.
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