China's internet giants are ramping up land purchases in major cities, committing more than 15 billion yuan ($2.2 billion) since late last year in a strategic shift from asset-light leasing to owning property tied to core operations.

China's internet giants are ramping up land purchases in major cities, committing more than 15 billion yuan ($2.2 billion) since late last year in a strategic shift from asset-light leasing to owning property tied to core operations.

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