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Vanke, partners in talks to buy property firms from Blackstone


07-13-2016 00:14 BJT

China's largest property developer Vanke and its partners are in talks to acquire some commercial property firms from Blackstone Group and other companies.

The deal is worth about 13 billion yuan. The disclosure is a more detailed response to the enquiries of Shenzhen Stock Exchange. This comes after its second-biggest shareholder China Resources said the board's approval of a white knight deal was not valid as one director was abstained from voting. The director in question is employed by Blackstone and abstained from voting as he thought the approval of the Shenzhen Metro deal could affect talks with Blackstone.

Vanke is currently mired in a high-profile corporate power fight between the company's management and its biggest shareholder Baoneng and China Resources.

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