Amazon has acquired a data center development in Hong Kong.

Earlier this month, Grand Ming Group Holdings announced that Amazon Data Services Hong Kong Limited had agreed to purchase two properties in Hong Kong.

Amazon will be buying iTech Tower 3.1 and iTech Tower 3.2, two data center properties in Hong Kong. The two adjacent developments are located at 3 On Kui Street and 8 On Chuen Street in Fanling, New Territories.

The first phase of iTech Tower 3.1 was delivered in December 2025 and is already leased to Amazon, with remaining fit-out works ongoing. Construction work on iTech Tower 3.2 is ongoing.

The deal is for a minimum gross consideration of HK$2.18 billion (US$277.88m), with potential additional further payments of up to HK$265.8 million, for a maximum of HK$2.445 billion (US311.66m). Further Payments will be determined based on the scope of the planned fit-out and construction works.

The sellers are Regal Development Limited and Golden Ford Limited, two Grand Ming subsidiaries. The deals are set to close in February 2027.

Upon closing the sale of iTech Tower 3.1, Grand Ming will cease to receive rental income under the existing leasing and colocation arrangements.

Established in 1995, Grand Ming is an investment holding company primarily focused on building construction, including “building design, additional and alteration works, and building service engineering works.”

After acquiring the land in 2022, work on the first phase of iTech Tower 3 started the same year. According to Grand Ming’s website, the nine-story project will offer a combined 185,000 sq ft (17,185 sqm) and capacity for 1,000 racks.

Grand Ming was previously in discussions to sell its data center business, reportedly to Actis and Bain, but both deals failed to materialize.

Private investment firm Bain Capital had previously shown interest in acquiring Grand Ming’s in-development data centers for HK$2.15bn (US$276m), but the exclusivity period between the two expired in September before a definitive agreement could be signed.

Grand Ming said the sales were part of its efforts to deleverage the group’s balance sheet via all viable strategies and reinforce long-term financial stability. The group has sizeable debt liabilities that need to be repaid, and the sale is one of a package of measures needed to ensure the company’s survival as a going concern.

“The disposal provides the group with an opportunity to sell the two properties in their entirety to a single purchaser and realise substantial cash proceeds that would enhance the Group’s financial position while reducing its overall indebtedness, while reducing its exposure to financing costs and the risks of retaining and developing the properties,” the company said.

Grand Ming added that while it had considered separate sales or bundling the two properties with its other data centers, selling both to one buyer “reduces the time, execution risk, and duplicated costs” of separate deals, especially as Amazon’s consent would have been required to sell iTech Tower 3.1 to a third party.

The company also operates iTech Tower and iTech Tower 2, two other data center properties in Hong Kong. The first facility launched in Tsuen Wan in 2008, with iTech 2 in Kwai Chung coming around 2012. It’s unclear if the company is still working to sell off those facilities.

Amazon launched an AWS cloud region in Hong Kong in April 2019 with three availability zones. The company is yet to comment on the acquisition.