(C) The Standard

LONDON – Zhang Ying, the wife of Alibaba founder Ma Yun (Jack Ma), has reportedly acquired a historic mansion in London’s prestigious Belgravia district for £19.5 million (approximately 37.3 billion Korean Won, or $24.7 million USD). The Financial Times reported on Wednesday that land registry records confirm Cathy Ying Zhang, the billionaire’s wife, purchased the property last autumn. The initial asking price for the house had been £21.5 million.

The townhouse is designated as a Grade II listed building, signifying its special architectural or historic interest, and notably served as the Italian Embassy and Defense Attaché’s office in the 1920s.

According to materials obtained by the FT, the converted residential property spans 7,948 square feet (738 square meters) and boasts six bedrooms, a cinema, and an elevator. Data from London housing market provider LonRes indicates that this transaction was the 34th most expensive in London last year. The sale generated considerable speculation regarding the anonymous buyer’s identity when it was first listed and later sold. One of the brokers, Beauchamp Estates, mentioned the unnamed buyer was drawn to the home’s “prestigious location” and “high level of security.”

The document naming the buyer was reportedly provided by the investigative journalism organization, Source Material.

The purchase aligns with a broader trend of global real estate expansion by the Ma family. Over the past decade, the family has acquired various estates, including châteaux, vineyards, and luxury residences in locations such as France, Hong Kong, and the United States. For instance, Ms. Zhang was previously reported to have purchased three shophouses in Singapore for around S$45 million. She is also the sole shareholder of a Hong Kong company through which Ma Yun acquired châteaux and vineyards in France.

In 2015, the Ma family acquired a luxurious mansion on Hong Kong’s Victoria Peak via a BVI-affiliated company, a property that was once owned by the Belgian government and used as its consulate. That same year, Ma Yun purchased a sprawling 28,100-acre property in New York's Adirondack Mountains for $23 million, which his spokesperson stated was primarily for environmental conservation purposes.

Ma Yun has maintained a relatively low profile since his 2020 speech criticizing Chinese regulators as operating a "pawnshop mentality," which led to the abrupt cancellation of the highly anticipated IPO of Alibaba's financial affiliate, Ant Group. This latest high-profile property acquisition confirms the Ma family's continued significant presence in the global luxury real estate market.