(Yicai Global) Feb. 28 -- Alibaba will start construction on a CNY6.9 billion (USD1 billion) headquarter building in  Beijing this November for completion in 2024.

The Hangzhou-based e-commerce heavyweight will build the  470,000-square-meter facility in the capital's Chaoyang district, the  municipal government said on its website.

The project is part of Alibaba Group Holding's dual-headquarter strategy.  Started in 2015, the firm has already moved multiple core businesses  from Hangzhou to Beijing including technology, finance, e-commerce,  entertainment, health, logistics and New Retail.

The HQ is one of many flagship construction projects taking place in the capital including Daxing International Airport Project, seven railways along with 32 projects related to rail transit and highways.

Editor: William Clegg