“It is a personal investment and entrepreneurial initiative, and I plan to engage in more collaborations with Hong Kong’s tech community,” Cai told the Post. “The building will be renamed CAI Tower and will be fully converted into a crypto/AI start-up hub.”

Cai said several floors of the 25-floor property would be turned into a co-working space, open to entrepreneurs who could apply to use the space for free.

“Tech companies in Hong Kong – especially early-stage start-ups – can only choose between Cyberport and the Science Park, which are far away and less convenient for daily life,” Cai said. “I hope to establish a start-up incubation hub in the heart of Hong Kong to help entrepreneurs realise their value.”

The acquisition of the Park Aura building on Electric Road in Tin Hau is one of the largest commercial property deals so far this year, following the HK$6.3 billion acquisition by Hong Kong Exchanges and Clearing of the top nine floors and some retail space in One Exchange Square in Central from Hong Kong Land last week.

“I didn’t focus much on the price when purchasing the building, it was more about gaining control to plan and develop it into an entrepreneurship hub,” Cai said. “That said, Hong Kong’s property market is currently at a low point, and I believe as the economy recovers – especially with the growing opportunities in AI and Web3 – real estate in the city will also rebound.”