Yet the risks remain considerable. Demand for office space in Hong Kong has been tepid, weighed down by slower capital inflows, the shift to hybrid work models, and competition from Singapore. Analysts caution that a single deal—even one led by Alibaba—cannot reverse systemic headwinds. However, as one of the most prominent Chinese technology firms, Alibaba's willingness to commit real money may provide at least a psychological floor for property valuations in Causeway Bay and beyond.