Chinese e-commerce giant JD.com (9618) has acquired 218 Apartment, a 59-suite serviced apartment property in Wan Chai, for around HK$280 million, which is expected to be converted into a student residence, according to market sources.
The deal pushes JD.com's total investment during the past month to pass HK$1 billion in acquiring and converting hotels into student housing, as it doubles down on the city's surging student accommodation market.
Originally built as a commercial building, the property occupies a 2,180-square-feet site with a total gross floor area of around 32,695 sq ft.
It was previously owned by Beijing Capital Development, which purchased it in 2007 for about HK$178 million and then converted it into a hotel. After a 19-year holding period, the Beijing-based company recorded a HK$102 million capital gain.
Meanwhile, the deal follows JD.com's HK$750 million purchase of the Silka Seaview Hotel in Yau Ma Tei from Far East Consortium International (0035) in early July.
The property has been undergoing the conversion of its guest rooms into units for operation as student accommodation with full conversion expected to be completed soon in the second half of 2026, according to FEC’s statement.
The e-commerce giant has been ramping up its acquisitions in the city's real estate market in recent years. It acquired half stake in China Construction Bank Tower in Central from Lai Sun Development (0488) for HK$3.5 billion in December last year.
JD Property, the property unit of JD.com, purchased the Li Fung Centre in Sha Tin from London-based M&G Real Estate for HK$1.8 billion in 2024.
