Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Sign Up / Login Logout

Lost your password?
Register
Forgotten Password
Cancel

Register For This Site

A password will be e-mailed to you.

  • Capital Markets
  • Events
    • Mingtiandi 2022 Event Calendar
    • APAC Residential Forum 2022
    • Asia Logistics Forum 2022
    • Asian Capital in Australia Forum 2022
    • Asia REIT Forum 2022
    • APAC Data Centre Forum 2022
    • Singapore Focus Forum 2022
    • Office Strategies Forum 2022
    • More Events
  • MTD TV
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Vanke Confirms $1.9B Deal to Buy Blackstone Real Estate Assets

2016/07/21 by Michael Cole Leave a Comment

SCP Blackstone

Blackstone APAC real estate boss Chris Heady (right) invested in China’s SCP Group in 2013

China Vanke today confirmed a $1.9 billion deal with Blackstone Group to purchase unspecified real estate companies from funds managed by the world’s largest alternative investment manager.

The mainland developer, which was China’s biggest by sales in 2015, made the purchase on July 12th, through a fund it has organised with unnamed partners, with Vanke contributing RMB 3.89 billion ($583 million) to the transaction, according to an announcement today to the Hong Kong stock exchange.

While Blackstone is active in China with investments in shopping malls, logistics and residential developments, neither Vanke nor Blackstone has commented on the nature or location of any assets held by the companies that Vanke’s fund would be purchasing from the US investment firm.

Today’s announcement was foreshadowed last week when Vanke disclosed that a potential deal with Blackstone was in the advanced stages. In that announcement to the stock exchange on 12 July Vanke also said that, together with its partners it would be acquiring a 96.55 percent share in commercial property companies, with the combined stake estimated to be worth RMB 12.87 billion ($1.9 billion), although the acquisition was not linked explicitly to Blackstone.

The two companies have already been working together in logistics real estate projects on the mainland, and Blackstone has invested in retail portfolios in China, including joining with Australia’s Macquarie group to invest in projects belonging to Dalian Wanda Group, and acquiring a 40 percent stake in Shenzhen-based mall developer SCP for $400 million in 2013.

A potential transaction between Vanke and Blackstone was first revealed last month, before the final signing took place, when the developer’s non-executive director Liping Zhang excused himself from voting on a proposal by Vanke management to purchase sites from a company belonging to Shenzhen’s metro operator. Zhang, whose day-job sees him suiting up as chairman of Blackstone China, abstained from that vote on the grounds that Blackstone and Vanke were negotiating a commercial real estate transaction.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: Blackstone, China Vanke, daily-sp, highlight

Logistics forum 2022 Jumbo

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

Colliers HK - Office

MTD TV

varoon malik thumbnail

Global Capital, COVID-19 Drive Demand for Real Estate Market Information: MTD TV

Aussie Multi-Family

Australian BTR Set for Continued Growth After COVID Era Surge: MTD TV

More MTD TV Videos

Latest Stories

Sinar Mas Land chairman Muktar Widjaja

Indonesia’s Sinar Mas Buying London Building From Landsec for $238M

George Hongchoy, Executive Director & CEO, Link REIT

Link REIT to Acquire Three Yangtze River Delta Sheds for $139M

Tham Kuo Wei Mapletree

Mapletree Industrial Trust Eyes Full Ownership of $1.8B American Data Centre Portfolio 

Sponsored Features

Rosanna Tang Colliers

Office Upgrades Jump After Omicron Slowed Hong Kong Market in Q1 Sponsored Feature

Bernie Devine

Is Your Building a Device? Sponsored Feature

Vietnam’s BW Acquires First Assets in Long An Province as Growth Continues Sponsored Feature

More Sponsored Features>>

MTD-QR-Code-320

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • 2022 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Membership
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2022 China Advertising Media Ltd (Samoa). All rights reserved.