Blackstone buys China land parcel for $482m - report
The Blackstone Group has reportedly invested more than RMB3 billion ($482 million) for 600,000 square meters of land in China's Jiangsu province. The deal was finalized in October and has received approval from the Ministry of Commerce.
The private equity firm made the investment through a real estate fund, China Daily reported, adding that China Resources Land - a Hong Kong-listed property developer controlled by China Resources Group - was involved in the transaction. The land is locatedin the city of Nantong.
Last October, Blackstone closed its seventh global real estate fund on $13.3 billion, raising capital from more than 250 global LPs. China's State Administration of Foreign Exchange (SAFE) reportedly committed $500 million to the fund. Two months later, Tony James, the firm's president, said the group was planning to launch an Asia real estate fund.
The latest investment follows Blackstone purchase of Shanghai's Huamin Imperial Building, an office tower valued at approximately RMB7 billion.
Blackstone has $53.5 billion in property assets under management globally, of which $2.5 billion is in Asia. In 2011, the firm sold its first property in China, exiting a 95% stake in Shanghai's Channel 1 shopping mall to Hong Kong-based real estate group New World Development for RMB1.46 billion.
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