How Goodman Group Plans to Invest in Hong Kong Data Centres
Eager to develop data centre businesses across Hong Kong, Goodman Group is pledging US$2.7bn to build an investment consortium with international pension funds and investors.
Announced 4 July 2025, the industrial property group says it is partnering a range of investors – including PGGM, APG, the Canada Pension Plan Investment Board and CBRE Investment Management’s Indirect Private Real Estate Strategies, among others – to develop data centres.
The group will reportedly own four existing Hong Kong data centres held by Goodman in an industrial partnership, Reuters says. Two data centres are currently under development.
The organisation also said that Goodman’s portfolio accounts for roughly 30% of the data centre market in Hong Kong by power capacity.
Supporting AI infrastructure growth in APAC
The news comes as the Asia-Pacific (APAC) data centre market is booming. With rising appetite for AI and machine learning, global technology firms are eager to invest and build data centres across the region.
As the market continues to expand, it is expected that it will reach heights of US$150.59bn by 2029, in line with continued dramatic technology growth.
However, the APAC market is not without its challenges, with the expectation that half of existing engineering staff in the region will be retiring by 2025, despite roughly 2.3 million members of staff being needed to run data centres around the world.
Eager to push ahead in APAC, Goodman has a US$6.57bn industrial property portfolio in Hong Kong, which Group CEO Greg Goodman said part of which could be converted into data centres moving forward.
He told Reuters in an interview: “There’s opportunities in the industrial portfolio. We have to basically redevelop them into data centres and they would then come into this partnership for development.
“There's a lot of inquiry now coming out of China, you’ve seen a big push in AI in China. China is on a big growth path in regard to digital evolution and the whole AI sector. So you can expect a lot of Chinese operators also very interested in Hong Kong.”
Goodman’s global data centre reach
Goodman also has data centre partnerships with this structure in Japan and across Europe, having secured 1,000 megawatts (MW) of power capacity in Tsukuba City in Japan. Its global portfolio now reaches five gigawatts (5GW) of power capacity across 13 different markets.
Such a commitment to diversifying its assets, in addition to gaining strong investor support, could help the company to compete with data centre companies operating across APAC – which include Equinix, Amazon, Microsoft and Digital Realty, to name a few.
In February 2025, it was reported that Goodman raised US$2.54bn in a share placement to help fund the future growth of its global data centres business, AInvest says.
The company could be looking at continued growth across the APAC region, particularly as China continues to rapidly grow its AI infrastructure and investments. The nation’s data centre market was valued at US$47.23bn in 2024 and is expected to reach US$97.30bn by 2030, as it underwent a rapid data centre building boom.
Hong Kong’s proximity to major technology hubs in Singapore, Shenzhen, Tokyo and Bangalore could make a successful ‘connectivity bridge’ for enterprises requiring data storage at a low latency.
Goodman already has an existing partnership with GDS Holdings, headquartered in China, which leases Goodman’s data centre facilities in Hong Kong.