(Yicai Global) Dec. 27 -- Alibaba Group Holding, China's largest e-commerce firm, began laying the foundations for its new CNY6.4 billion (USD914 million) Beijing headquarters today as it looks to dual-operate from its hometown of Hangzhou and the national capital.

The space in Chaoyang district covers 186 acres with the building itself spanning 470,000 square meters, Beijing Daily reported, adding that the company plans to finish the project in 2024.

Several big names in China's tech scene have been building new offices in the capital, with Alibaba's biggest rival JD.Com setting up a new 280,000 square meter space in Beijing's Yizhuang town in 2017 after moving out of Chaoyang. Software and hardware giant Xiaomi also finished building a new CNY5.2 billion base in Haidian district in September, where it houses eight buildings spanning 340,000 square meters.

Alibaba announced plans to operate from the two cities in 2016 and expects to use the Beijing camp to focus on strategy and developing in the north of the country. It has already moved its core business units up north, including its tech, finance, e-commerce, entertainment, health, logistics and consumption divisions.

Editor: James Boynton