Alibaba Group Holding Ltd Monday denied a media report claiming that the company is in talks with the South Korean city of Incheon for a 1 trillion won ($923 million) joint investment on a new business complex.

"The report is false and based on total speculation, though we also think South Korea is a market full of massive potential," Alibaba said in a post on its official Sina Weibo account on Monday evening, refuting the Seoul-based daily newspaper Dong-A Ilbo's Monday report.

According to the newspaper, the complex would include a major shopping mall as well as a hotel and a logistics center, covering a space of 1 million square meters.

Without citing direct sources, the report also said that Alibaba and Incheon would contribute equal funding for the complex.