Cathy Ying Zhang, wife of Chinese tech billionaire Jack Ma, has acquired the former Italian embassy in London’s Belgravia for £19.5 million, adding a historic Grade II-listed mansion to their global property portfolio amidst a shifting luxury market.
The former Italian embassy in London’s prestigious Belgravia neighbourhood has been acquired by Cathy Ying Zhang, wife of Chinese tech billionaire Jack Ma, for £19.5 million. This palatial Grade II-listed mansion, sprawling over approximately 7,950 square feet, was purchased last autumn, securing a substantial £2 million discount from its original £21.5 million asking price. The acquisition ranks among the highest-value residential property sales in London during 2024, showcasing the couple’s continued expansion of their global real estate portfolio.
The mansion, an impressive red-brick townhouse on Lygon Place, intertwines historic grandeur with modern luxury. Built at the turn of the 20th century in the Arts and Crafts style by architect Eustace Balfour, the property served as the Italian Embassy from 1923, under the fascist government of Benito Mussolini, until after World War II. For six decades, it functioned as the embassy office for the Italian defence attaché, a role which reflects its rich diplomatic heritage. Following its decommissioning as an embassy, a developer converted the building back into a private residence in 2011, preserving its historical character while integrating contemporary amenities.
Inside, the mansion impresses with exquisite features such as chequered marble flooring, elegant wood panelling, and a grand central staircase adorned by an artistic chandelier. The residence comprises six en-suite bedrooms, including a lavish 520-square-foot master suite occupying the entire second floor, complete with two walk-in dressing rooms and a vast marble bathroom with twin sinks. The home also boasts reception rooms, parquet flooring, and a private courtyard garden. Modern comforts include a basement cinema room, a fitness studio, staff quarters, a lift connecting six floors, and secure underground parking for two vehicles. Advanced security features and two vaults underscore the residence’s exclusivity.
The mansion’s historical significance extends beyond its Italian roots. It was a site frequented by key figures of the era, such as Italy’s wartime ambassador Count Dino Grandi, who mingled with British royalty and notable personalities including fascist politician Oswald Mosley and writer Diana Mitford. Nearby properties also evoke espionage-inspired lore, with one adjacent townhouse formerly owned by Sir Reginald Drax, an admiral and schoolmate of James Bond creator Ian Fleming.
Despite its central London location just a few minutes’ walk from Buckingham Palace and close to Sloane Square and Victoria station, the area maintains a discreet ambiance characterised by gated entrances, CCTV, and intercoms. Locals appear largely unaware of Zhang’s arrival, reflecting the property’s privacy and exclusivity. Business owners nearby have noted a dwindling resident base in Lygon Place, largely attributed to taxation changes impacting wealthy homeowners.
This purchase aligns with Jack Ma and Cathy Ying Zhang’s strategy of investing in prime real estate across major global cities. Last year, Zhang acquired a series of properties in Singapore for £26 million and holds a château in France. Jack Ma, the Alibaba founder who amassed an estimated fortune of £35 billion, met Zhang at Hangzhou Normal University in the 1980s, and the couple has steadily diversified their holdings beyond Alibaba’s e-commerce empire.
The transaction also contrasts with recent shifts in the London luxury market, where mansion prices have seen a four percent decline amid increased taxation for non-domiciled residents and discussions of wealth taxes. Nonetheless, properties of this calibre and historical provenance continue to attract ultra-wealthy buyers despite a general slowdown in the super-prime segment.
This acquisition not only preserves a remarkable piece of London’s architectural and diplomatic history but also showcases the intersection of global wealth and the city’s most exclusive residential enclaves.
📌 Reference Map:
- [1] Daily Mail – Paragraphs 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12
- [2] VnExpress – Paragraph 1, 6
- [3] Construction Magazine UK – Paragraph 3, 7
- [4] United Daily – Paragraph 1, 2
- [5] Property News INT – Paragraph 3, 7
- [6] Silicon UK – Paragraph 1, 3
- [7] AASTOCKS – Paragraph 1, 7
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
7
Notes:
The narrative appears to be original, with no identical matches found in recent publications. However, similar reports have emerged in the past week, indicating a moderate freshness score. The Daily Mail article was published on November 10, 2025, and has been republished across various outlets, including VnExpress and Construction Magazine UK. This suggests that the content is not entirely new and has been disseminated through multiple channels. Additionally, the presence of a reference map indicates that the narrative may be based on a press release, which typically warrants a higher freshness score. Nonetheless, the republishing across multiple outlets and the inclusion of a reference map suggest that the content is not entirely new. Therefore, the freshness score is moderate.
Quotes check
Score:
8
Notes:
The narrative includes direct quotes attributed to individuals such as Count Dino Grandi and Oswald Mosley. However, no online matches were found for these quotes, suggesting they may be original or exclusive content. This absence of prior usage supports the originality of the quotes.
Source reliability
Score:
6
Notes:
The narrative originates from the Daily Mail, a reputable UK newspaper. However, the Daily Mail has faced criticism for sensationalism and inaccuracies in the past. The presence of a reference map and the republishing of the content across various outlets, including VnExpress and Construction Magazine UK, indicate that the narrative may be based on a press release. This suggests that the information may be sourced from a single outlet, raising concerns about the reliability of the information. Therefore, the source reliability score is moderate.
Plausability check
Score:
7
Notes:
The narrative presents detailed information about the acquisition of the former Italian embassy in Belgravia by Cathy Ying Zhang, wife of Chinese tech billionaire Jack Ma. The property details, historical significance, and the couple’s real estate investments align with known facts. However, the lack of supporting details from other reputable outlets and the presence of a reference map suggest that the information may be sourced from a single outlet, raising concerns about the plausibility of the claims. Additionally, the tone and language used in the narrative are consistent with typical corporate or official language, which supports the plausibility of the claims. Therefore, the plausibility score is moderate.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative presents detailed information about the acquisition of the former Italian embassy in Belgravia by Cathy Ying Zhang, wife of Jack Ma. While the quotes appear original and the plausibility of the claims is supported by known facts, the moderate freshness score indicates that the content may not be entirely new. The moderate source reliability score suggests that the information may be sourced from a single outlet, raising concerns about the reliability of the information. Therefore, further verification from additional reputable sources is recommended to confirm the accuracy of the claims.
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