Chang Zhou Shopping Mall
U.S. private equity firm Blackstone Group has struck a deal to pay less for a bigger stake in a Shanghai commercial property, as the global financial turmoil further weighs on China’s real estate market.
Blackstone will buy 95% of the Changshou Commercial Plaza for RMB536.7 million($78.52 million) in cash from VXL Capital , dow from its original plan in June to take a 90% stake for RMB625.5 million.
The deal will be closed by the end of October, VXL said.
Blackstone last week siad it still aimed to complete property deals in Shanghai with VXL and Super Ocean Group, although a company official said valuations in China needed to come down.
Source: Reuters
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