Tech firms spending big on strategic land buys

China's internet giants are ramping up land purchases in major cities, committing more than 15 billion yuan ($2.2 billion) since late last year in a strategic shift from asset-light leasing to owning property tied to core operations.

Companies including ByteDance and JD have led a fresh wave of land purchases in hubs such as Beijing and Hangzhou, Zhejiang province, signaling a deeper transformation in how China's tech sector manages capital and growth.