Alibaba founder Jack Ma’s wife, Zhang Ying, was recently exposed by the media for purchasing a former Italian embassy residence in the Belgravia area of London for £19.5 million. This is the latest move in the Ma family’s ongoing expansion of their global real estate portfolio, which already includes properties in the UK, Singapore, France, Hong Kong, and the USA.
According to a report by the Financial Times on Tuesday (November 11), Zhang Ying acquired the property in the autumn of 2024 for £19.5 million (approximately RMB 176 million), which was initially listed at £21.5 million.
The terraced villa is a Grade II listed historical building in the Belgravia area of London, with a floor area of 7,948 square feet (738 square meters). The property was previously used as the Italian embassy in the 1920s and later as the office of an Italian defense attaché. It has now been converted into a residential property with a private cinema, elevator, and six bedrooms.
According to data from LonRes, a provider of high-end residential market data in London, this transaction made it the 34th highest-priced property sold in London in 2024.
The property had previously been the focus of news twice last year, sparking a wide range of speculation about the identity of the buyer. Luxury real estate agency Beauchamp Estates had mentioned that the buyer valued the property’s prestigious location and high-level security, but the buyer’s identity was not disclosed at the time. The buyer’s information was provided to the Financial Times by the news investigation organization SourceMaterial.
Prior to the purchase of the London mansion, Zhang Ying had also completed a significant real estate transaction in Singapore.
According to a report by the Singaporean newspaper Business Times, Zhang Ying purchased three adjacent shophouses at 70 to 72 Duxton Road in the central business district of Singapore for between SGD 45 million and SGD 50 million (approximately USD 35 million to USD 37.22 million) in early 2024.
These three properties are located in the heart of Singapore’s central business district and have a remaining lease term of approximately 63.5 years as part of a 99-year leasehold project. Shophouses are two to three-story terrace buildings with commercial space on the ground floor and residential units above, among the most expensive real estate types in Singapore.
Market analysts cited in the report suggested that the Ma family’s acquisition of these three shophouses is likely intended for use as a private club to entertain family, friends, and business partners.
Documents seen by Bloomberg show that Zhang Ying, who is now a Singaporean citizen, became a director of three private investment companies, Duxton 1 Holdings, 72 Duxton, and Duxton Victory, on January 5, 2024, the companies that own the aforementioned shophouses.
In recent years, the Ma family has been continuously expanding their global real estate portfolio, with properties in various countries and regions.
According to the Financial Times, Zhang Ying is the sole shareholder of a Hong Kong company through which Jack Ma had acquired a vineyard and winery in France.
In 2015, the Ma family purchased a luxury home on the Peak in Hong Kong through a series of British Virgin Islands companies. The property, which was previously owned by the Belgian government and used as a consul general’s residence, was rebuilt into a new luxury home overlooking Victoria Harbour after the original structure was demolished.
In the same year, Jack Ma reportedly spent USD 23 million (approximately RMB 165 million) to purchase an estate spanning 28,100 acres in the Adirondack region of New York according to The Wall Street Journal. The estate features streams, stables, and a maple syrup production company.
Typically, overseas real estate transactions by Chinese tech entrepreneurs are kept low-profile, with many transactions being completed through anonymous shell companies registered in the British Virgin Islands.
Since publicly addressing regulatory issues with the Chinese Communist Party in 2020, Jack Ma has spent most of his time abroad, maintaining a low profile and having lived in Tokyo for a period. While his appearances on the international stage have noticeably decreased, his pace of acquiring real estate has not slowed down.
As of now, both Alibaba Group and the Jack Ma Foundation have declined to comment on behalf of Jack Ma and Zhang Ying regarding this transaction.