Amazon is set to acquire two data center properties in Hong Kong’s New Territories from Grand Ming Group Holdings, turning an existing customer relationship into direct ownership of critical digital infrastructure. Amazon Data Services Hong Kong Limited has agreed to purchase iTech Tower 3.1 and iTech Tower 3.2 in Fanling, according to Grand Ming disclosures. The deal is for a minimum gross consideration of HK2.18 billion (US 277.88m), with potential additional further payments of up to HK 265.8million, for a maximum of HK 2.445 billion (US311.66m).

Amazon Expands Direct Control Over Hong Kong Capacity

The two adjacent properties sit at 3 On Kui Street and 8 On Chuen Street and form part of Grand Ming’s iTech Tower 3 development. Grand Ming delivered the first phase of iTech Tower 3.1 in December 2025, and Amazon already leases the facility while remaining fit-out work continues. Construction on iTech Tower 3.2 remains underway, giving Amazon ownership exposure across both an operating asset and a development still moving through its delivery cycle. Grand Ming acquired the underlying land in 2022 and began work on the project that same year.

The company’s website describes the nine-story development as offering a combined 185,000 square feet (17,185 square meters) and capacity for about 1,000 racks. The structure gives Amazon a concentrated infrastructure footprint in a market where cloud capacity remains closely tied to latency, connectivity and regional availability. The transaction is expected to close in February 2027, subject to the agreed conditions. Once the iTech Tower 3.1 sale closes, Grand Ming will stop receiving rental income under the existing leasing and colocation arrangements. Amazon has not yet commented publicly on the acquisition.

Deal Gives Grand Ming a Route to Deleveraging

For Grand Ming, the transaction carries a financial significance beyond the disposal of two properties. The company has been pursuing measures to reduce debt, strengthen its balance sheet and lower exposure to financing costs as it manages sizeable liabilities. The sale therefore converts a development platform into cash proceeds while transferring the remaining construction and fit-out obligations associated with the properties.

“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 also said it had examined separate sales and combinations involving its other data centers. Selling the two properties together to Amazon, however, “reduces the time, execution risk, and duplicated costs” associated with separate transactions, while Amazon would have needed to consent before Grand Ming could sell iTech Tower 3.1 to another buyer.

Amazon’s Hong Kong Infrastructure Strategy

The transaction follows earlier attempts to sell Grand Ming’s data center interests to financial investors. Bain Capital had previously expressed interest in acquiring the company’s in-development data centers for HK2.15billion(276 million), but the exclusivity period expired in September before the parties signed a definitive agreement. Grand Ming had also reportedly held discussions with Actis, although that process did not produce a completed transaction. The deal leaves Grand Ming with its earlier iTech Tower and iTech Tower 2 properties, which began operations in Tsuen Wan in 2008 and Kwai Chung around 2012, respectively. It remains unclear whether Grand Ming is pursuing sales of those facilities. For Amazon, the purchase adds owned infrastructure to an established Hong Kong cloud presence rather than representing an entry into the market.

AWS launched its Asia Pacific (Hong Kong) Region in April 2019 with three Availability Zones, and AWS continues to list Hong Kong as a three-AZ region. The acquisition would give Amazon greater control over physical capacity supporting that regional footprint while potentially reducing its dependence on third-party ownership for part of its infrastructure stack. The transaction also highlights a broader shift in data center real estate, where hyperscalers can move from leasing capacity to owning strategically located assets when control over deployment, fit-out and long-term infrastructure economics becomes important. For Grand Ming, the sale provides a substantial liquidity event and a path toward reducing financial exposure; for Amazon, it creates direct ownership of two facilities already aligned with its Hong Kong operations.