Chinese Developer in Talks With Blackstone on Property Purchase
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China Vanke’s headquarters in Shenzhen, China. The real estate developer is in talks with the American investment group Blackstone on the purchase of commercial property in the mainland. CreditTyrone Siu/Reuters
The real estate developer China Vanke plans to pay about $1.9 billion to the American private equity group Blackstone for commercial properties, the developer said on Tuesday.
Vanke said in a Hong Kong Stock Exchange filing that other partners were involved in the deal, but did not identify who they were. It will contribute about 3.9 billion renminbi, or about $581 million, to the transaction. It also cautioned that the deal might still fall apart.
In a separate, earlier filing, the company had said the deal involved the majority shareholding of a “large-scale commercial property project in the P.R.C.,” referring to the People’s Republic of China, which it intended to acquire to “further enhance its management and operation capability in respect of commercial properties.” The project included several shopping malls, but no further details were disclosed…
Chinese Developer in Talks With Blackstone on Property Purchase
