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Alibaba's Alipay to buy RMB 3-bln office building in Shanghai

May. 30, 2012 (China Knowledge) - Alipay, China's leading third-party online payment platform and an affiliate of Alibaba Group, the parent company of the Hong Kong-listed Ltd<1688>, has inked a contract to buy No.2 office building in Pudong Financial Plaza, Shanghai for around RMB 3 billion.

According to a statement released by Shanghai Lujiazui Finance & Trade Zone<600663><900932>, which is responsible for the plaza development, the No.2 office building will have a floor area of 47,076 square meters. Alibay will pay the acquisition by installments.

The Pudong Financial Plaza, located in Shanghai's Pudong New Area, covers a land area of 48,530 sq m and is designed to have a department store, three office buildings and a bus station.

Alipay's website shows that it had more than 650 million registered accounts at the end of last year. Besides Taobao Marketplace and Taobao Mall, Alipay provides payment solutions for over 460,000 merchants, with the cooperation of more than 100 financial institutions, including Visa and MasterCard.

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