Alibaba Group Holding gained approval from the Hong Kong stock exchange to proceed with a proposed spin-off of a warehouse park in mainland China, two years after the tech giant withdrew the listing plan of its logistics arm Cainiao.

The e-commerce giant said it could separate an infrastructure real estate investment trust (Reit) and list it on the Shenzhen Stock Exchange, with the underlying asset being the Jiaxing Park, a logistics and warehousing infrastructure hub in eastern China’s Zhejiang...