Soho China to be bought for $3 billion by Blackstone

US private equity firm Blackstone has reached a deal to purchase property developer Soho China for around $3 billion, the firm’s largest foray into the Chinese real estate market so far, reported the Financial Times.

Blackstone has offered HK$5 a share for the majority stake in the Hong Kong-listed Soho China, whose developments are centered in Beijing and Shanghai.

The offer has been accepted by Pan Shiyi and Zhang Xin, the husband and wife team who founded the company and are its chair and chief executive respectively. The pair hold about 64% of Soho China’s shares, and will retain a 9% stake as part of the deal.