Alibaba’s Beijing headquarters project, contracted to the third engineering division of China State Construction Engineering Corporation (CSCEC), officially launched recently. Yin Yong, a member of the standing committee of the Beijing Municipal Party Committee and the city’s deputy mayor,  and Zhang Yong, chairman of the board and CEO of Alibaba Group, attended the launch ceremony along with over 100 guests.

The project has a total construction area of 470,000 square meters and a total investment of 6.89 billion yuan (approximately US$1 billion). So far, all of Alibaba’s core businesses have entered Beijing, covering a broad range of sectors including technology, finance, e-commerce, entertainment, health, logistics, etc.