Chinese Billionaire Family Buys Former Italian Embassy in Belgravia
The former Italian Embassy residence in Belgravia — one of London’s most prestigious postcodes — has found a new owner. Cathy Zhang, the wife of Alibaba founder Jack Ma, has reportedly purchased the Grade II-listed townhouse for £19.5 million, signalling renewed confidence from global investors in London’s prime property market.
A Landmark Residence with Diplomatic History
Located on Lygon Place, SW1, the six-bedroom townhouse was once home to Italy’s ambassador and later its defence attaché. Spanning nearly 8,000 sq ft across five levels, the property features a private cinema, fitness suite, landscaped garden and direct access to underground parking — all behind the stucco façades that define Belgravia’s architectural heritage.
Built in the early 1900s and restored to residential use in 2011, the residence exemplifies how London’s historic stock continues to evolve — transitioning from diplomatic enclaves to ultra-prime homes for international families seeking security, culture and long-term capital appreciation.
Why London Still Attracts the World’s Wealth
Despite economic headwinds, high interest rates and a slower domestic market, global wealth continues to flow into London’s built environment. According to Savills and Knight Frank, ultra-prime transactions above £10 million have risen steadily through 2024–25, driven by buyers from Asia and the Middle East.
For investors like Zhang, London offers more than luxury; it offers stability, education access and cultural capital. These are assets that transcend market cycles and help sustain activity in architecture, design, construction and professional services throughout the capital.
Belgravia and Beyond: The Ripple Effect
The Ma family’s London acquisition complements other recent international investments — including Zhang’s purchase of several heritage shophouses in Singapore. Each transaction contributes to London’s construction and refurbishment ecosystem, with local architects, contractor, and conservation specialists engaged in maintaining and adapting these properties to modern standards.
From a construction perspective, such deals stimulate demand for restoration expertise, specialist materials and building safety compliance, especially within Westminster’s conservation framework. In many ways, these trophy homes quietly sustain entire supply chains of skilled labour — from structural engineers and surveyors to high-end fit-out contractors and MEP designers.
A Vote of Confidence in London’s Future
While some headlines focus on capital flight or offshore ownership, the reality is that international investment remains one of London’s defining economic engines. Every purchase of this scale reinforces the city’s global identity as a safe haven for both financial and cultural capital.
In that sense, the £19.5 million Belgravia sale is not just a property story — it’s a signal. Even amid geopolitical tension and shifting regulatory landscapes, London continues to embody trust, heritage and opportunity. And for the city’s construction and real estate professionals, that means work — and confidence — for years to come.
