Wednesday, September 23, 2020
Martin Hennecke

Alibaba enters manufacturing
Alibaba (9988) yesterday unveiled a pilot factory in the eastern Chinese city of Hangzhou as part of its "smart manufacturing" business initiative, while Tmall said it will set up a real estate department. In a statement, Alibaba said the factory, run by an internal division, will primarily work with apparel companies. This also marked another move into the offline realm for the e-commerce giant. Meanwhile, Tmall and mainland property agency and consultant E-House (China) (2048) said they will jointly launch an online property trading platform, on which developers can set up official e-shops, open online visitings and sell home units to buyers. Tmall promised to distribute all the platform's income as subsidies to buyers for at least the first three years. The two companies expect to launch more property transaction services including primary and secondary purchases, as well as property auctions, according to a statement. In other news, Alibaba and China Mobile (0941) plan to invest 3 billion yuan (HK$3.44 billion) in Zhejiang Dahua Technology, China's second-largest surveillance equipment maker, Reuters reported. But Dahua said it did not have any information on the matter.
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