Alibaba and ByteDance Expand in Hong Kong as Banks Pull Back
- The two tech giants signed new office leases in recent months
- Office demand citywide has dwindled as companies cut costs
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Chinese tech firms are expanding their footprint in Hong Kong even as the pandemic prompts some banks to consider scaling back in the world’s most expensive office market.
TikTok owner ByteDance Ltd. and Alibaba Group Holding Ltd. have signed leases to add office space in Hong Kong, according to people familiar with the matter who asked not to be identified as the matter is private.