Ma's wife shops for Singapore shophouses

Zhang Ying, the wife of Alibaba Group co-founder Jack Ma Yun has acquired three adjoining shophouses in Singapore, The Business Times reported, properties that are among the city-state's most highly prized.

Zhang paid between S$45 million (HK$261.8 million) and S$50 million, The Business Times said, without specifying where it got the information.

The niche market has cooled after being hit by a major money-laundering scandal that surfaced in August. A mass sale of some of the seized shophouses bought by Chinese nationals implicated is ongoing.

Zhang, a Singapore citizen, became a director of three firms - Duxton 1 Holdings Pte, 72 Duxton Pte, and Duxton Victory Pte - which owns the shophouses in Duxton Road, a popular dining venue in the city center on January 5, according to documents reviewed by Bloomberg News.

Zhang played a key role in Alibaba's early days and was one of its first employees.