Chinese ecommerce giant just leased a 22,000 square foot office space in Pasadena’s new Playhouse Plaza in Los Angeles.
Alibaba Group Holding (NYSE:BABA) has leased a 22,000 sq. ft. office space in Pasadena’s new Playhouse Plaza in Los Angeles, signaling that the Southern California is set to become the major gateway between businesses in China and Southern California.
The partnership between the businesses from both sides of the Pacific Ocean will deal with technology entrepreneurship, nearby innovation hubs to make startups the central theme of the economic base of a city.
The move is also seen as a catch-up attempt by LA against San Francisco, which has warmed up with Chinese business partners and many venture firms having an active presence there. Alibaba is one amongst many other Chinese startup companies that are cultivating connections to the Bay Area by capitalizing in leading tech startups.
Peter Brack, an investor and entrepreneur in LA, has founded two Hong Kong listed companies, believes that the move by Chinese e commerce giant will generate into a dynamism between the two regions of California, since the southern part of the state is inclined towards entertainment and digital media sectors, whereas the northern part of the state is inclined more towards the deep rooted technology sector. There were more synergies between Bay Area and Beijing compared to the glitzy LA businesses and startups.
The link between China and LA starts to strengthen with Chinese tech giants by taking the lead through investing mostly in media companies, though they are now starting to waddle into the arena of video gaming, such as the example of China involves Tencent’s purchase of a majority stock in Riot Games, LA-based videogame maker, for $250 million in 2011.
The LA has also proved to be a magnate for Chinese buyers, who have purchased hotels, such as LA Marriott Sheraton Universal Hotel, as well as some mixed retail-residential centers.
On top of that, Chinese middle and upper classes are snapping up housing deals in the area. These Chinese people are the most frequent visitors to California, soaking up vacations in Hollywood and Disneyland.
According to report by the Rhodium Group and the National Committee on U.S.–China Relations, Chinese investment in California is expected to jump from $50 billion to almost $200 billion by 2020, which makes it all the more important for Alibaba to set up its footprint in LA to take benefit from the anticipated influx in the coming years.
Alibaba stock price ended the day at $83.29, a massive drop of 2.30% the previous day.
Alibaba Group Holding (NYSE:BABA) has leased a 22,000 sq. ft. office space in Pasadena’s new Playhouse Plaza in Los Angeles, signaling that the Southern California is set to become the major gateway between businesses in China and Southern California.
The partnership between the businesses from both sides of the Pacific Ocean will deal with technology entrepreneurship, nearby innovation hubs to make startups the central theme of the economic base of a city.
The move is also seen as a catch-up attempt by LA against San Francisco, which has warmed up with Chinese business partners and many venture firms having an active presence there. Alibaba is one amongst many other Chinese startup companies that are cultivating connections to the Bay Area by capitalizing in leading tech startups.
Peter Brack, an investor and entrepreneur in LA, has founded two Hong Kong listed companies, believes that the move by Chinese e commerce giant will generate into a dynamism between the two regions of California, since the southern part of the state is inclined towards entertainment and digital media sectors, whereas the northern part of the state is inclined more towards the deep rooted technology sector. There were more synergies between Bay Area and Beijing compared to the glitzy LA businesses and startups.
The link between China and LA starts to strengthen with Chinese tech giants by taking the lead through investing mostly in media companies, though they are now starting to waddle into the arena of video gaming, such as the example of China involves Tencent’s purchase of a majority stock in Riot Games, LA-based videogame maker, for $250 million in 2011.
The LA has also proved to be a magnate for Chinese buyers, who have purchased hotels, such as LA Marriott Sheraton Universal Hotel, as well as some mixed retail-residential centers.
On top of that, Chinese middle and upper classes are snapping up housing deals in the area. These Chinese people are the most frequent visitors to California, soaking up vacations in Hollywood and Disneyland.
According to report by the Rhodium Group and the National Committee on U.S.–China Relations, Chinese investment in California is expected to jump from $50 billion to almost $200 billion by 2020, which makes it all the more important for Alibaba to set up its footprint in LA to take benefit from the anticipated influx in the coming years.
Alibaba stock price ended the day at $83.29, a massive drop of 2.30% the previous day.