Jack Ma Wife Acquires Historic Belgravia Embassy for Nineteen Million Pounds

Cathy Ying Zhang, spouse of Alibaba founder Jack Ma, completed the purchase of a former Italian embassy in London for £19.5 million in October, as confirmed by land registry documents. The six bedroom townhouse, situated in Belgravia in central London, boasts a prestigious provenance dating back to its construction at the turn of the twentieth century.

Acquired by the Italian government in 1923 under Mussolini, the building functioned as the Italian defence attaché’s offices through much of the second half of the twentieth century. After disposal by the Italian government in the early 2000s, the Grade II listed property was restored to residential use. Last year, it reappeared on the market and was soon acquired by Ms Zhang.

The property offers extensive amenities, including two secure underground parking spaces, a private garden, staff accommodation, and a cinema room. Security features are prominent, with private security personnel and two secure internal vaults. Positioned in a gated area within proximity of Buckingham Palace and less than a mile from Sloane Square, the house affords both privacy and exceptional location benefits.

Ms Zhang, who met Mr Ma at Hangzhou Normal University, also acquired three adjoining homes in Singapore for S$45 million last year and is the sole shareholder of a company that purchased a château in France. Her recent Belgravia acquisition ranks as one of the most prominent public property transactions in London since the Labour Party formed the government in 2024.

London’s luxury property market has seen a slowdown, impacted by the abolition of non domiciled tax exemptions and anticipation of new taxes on wealth and mansions. According to Knight Frank, the average price of luxury homes in the capital fell by four percent in the year to October, marking the sharpest decline since early 2021. Despite this, high profile acquisitions continue to draw interest to London as a destination for global wealth.

Jack Ma, a former English teacher who founded Alibaba in 1999, is now estimated to be worth £35 billion. His stature as a business leader endured testing times following his outspoken comments on Chinese regulatory policy in 2020, after which he retreated from the public eye for two years. Since resurfacing in Japan in 2022, he has maintained a notably low profile.

The acquisition by Ms Zhang, amid broader changes in the UK property landscape, underlines the enduring appeal of prime London assets among international investors with significant portfolios across Europe and Asia.