Blackstone nears $3 bln deal for Soho China - Bloomberg News (updated)

SOHO China

16/06/2021 06:15

(Adds Blackstone's response, background)
    June 16 (Reuters) - Blackstone Group Inc  BX.N  is nearing a
deal to buy office developer Soho China Ltd  0410.HK  in what
would be its biggest real estate investment in the Asian
country, Bloomberg News reported https://www.bloomberg.com/news/articles/2021-06-16/blackstone-said-to-near-3-billion-deal-for-developer-soho-china?utm_content=business&utm_medium=social&utm_source=twitter&cmpid=socialflow-twitter-business&utm_campaign=socialflow-organic&sref=ZoyErlU1
 on Tuesday, citing people familiar with the matter.
    Hong Kong-listed Soho China could be valued at about $3
billion in the deal that could be announced as soon as this
week, the report said.
    Blackstone declined to comment, while Soho China did not
immediately respond to a Reuters request for comment.
    The report comes a day after Soho China's shares were halted
for trading at the company's request, pending an announcement
under Hong Kong's code on takeovers and mergers.  urn:newsml:reuters.com:*:nFWN2NW0TY
    The company has a market value of HK$19.76 billion ($2.55
billion) as of its stock's last close, according to Refinitiv
data. 
    Soho China is 64% owned by the husband-wife team of Chairman
Pan Shiyi and Chief Executive Officer Zhang Xin. 
    Founded in 1995 by Pan and Zhang, Soho China went public in
Hong Kong in 2007 and is well-known for its futuristic office
buildings in the mainland.
    It has been scouting buyers for its prime commercial
property assets as the founders looked to shift their focus to
overseas markets.  urn:newsml:reuters.com:*:nL1N2HZ0AZ

($1 = 7.7612 Hong Kong dollars)

 (Reporting by Derek Francis in Bengaluru; Editing by Aditya
Soni)
 ((derek.francis@thomsonreuters.com; +91-9986311363 and
@derekfrancis089 on Twitter;))