Blackstone drops $3 billion bid for Chinese property developer
CNN
Private equity firm Blackstone Group is abandoning its $3 billion bid for a controlling stake in Soho China, one of the country's largest real estate developers.
In a regulatory filing Friday, Blackstone said it decided to drop the deal "in light of the lack of sufficient progress" being made among government regulators who would need to approve the purchase. Blackstone (BGB) announced the transaction in June, bidding roughly 30% above Soho China's stock price at the time. Blackstone didn't offer any further details about the dropped deal. The company has made several big real estate investments in China, including a majority stake in a large logistics park in Southern China's Greater Bay Area, a premium office and retail complex outside Shanghai and a multifamily investment in Shanghai, which was completed last year.
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