Private equity firm Blackstone Group has cancelled a property deal with VXL Capital, for the USD160m acquisition of a commercial building in Shanghai, the South China Morning Post reports.
Blackstone was originally planning to buy four buildings in Shanghai,
for up to USD1 bn, but has ditched the acquisition of a 90 per cent
stake in Changshou Commercial Plaza. The report said that the seller,
Hong Kong-based VXL Capital, and the American equity firm could not
agree on the price, reported to be around USD160m. VXL apparently
bought the entire property in March 2006 for USD86m.
It is also not clear whether Blackstone will agree to buy the Skymall
Shopping Centre in Shanghai from Chinese developer Super Ocean Group.
The global financial crisis and national forecasts that Chinese
property prices will slide may have added to Blackstone's withdrawal.
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