US private equity firm Blackstone Group announced yesterday it had revised a purchase agreement for a 13.47% discount with Hong Kong-listed VXL Capital for its stake in a Shanghai shopping plaza because of the falling property market and worsening global credit market, the South China Morning Post reported. Blackstone had agreed to buy a 95% stake from VXL in the Changshou Commercial Plaza in Shanghai’s Pudong district four months ago for US$149 million. Last week, a Blackstone executive quashed rumors that his firm had pulled out of the deal. A source close to the renegotiation said, "Given the current worsening credit environment, it is good for VXL to cash in as there are many bargain buying opportunities emerging in the market."
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