Chinese tech giant Alibaba is moving its London HQ from Mayfair to Canary Wharf, according to a report in the Sunday Times yesterday.
The £167 billion company, which raised $25 billion (£15.9 billion) when it went public last year, will move its operations to the 28th floor of One Canada Square, the tallest skyscraper in Canary Wharf.
The move comes as the financial district in East London continues to build its tech proposition as one of the UK's leading tech hubs.
One Canada Square is also home to financial technology incubator Level39.
There has been much talk about Tech City and the areas around Old Street and Shoreditch but Level39 claims that Canary Wharf is an increasingly popular location for technology companies.
The Mayor of London Boris Johnson last week backed Canary Wharf Group’s plans to redevelop the area to the east of the site, known as Wood Wharf.
The property developer specifically wants to build up to 3,610 new homes, 1.9 million square metres of office space and 35,000 square metres of retail floorspace, in addition to a community centre and a series of public squares.
A large proportion of the new office space being built is being designed with technology, media and telecoms companies in mind, as well as financial and professional services firms.