China Vanke, partners plan to pay Blackstone 12.9b yuan for property firms

[HONG KONG] China Vanke said it and partners planned to pay Blackstone Group and other third parties 12.9 billion yuan (S$2.6 billion) to acquire some commercial property firms.

The country's largest listed property developer said in a statement it would spend about 3.9 billion yuan on the acquisitions but added that the financing of the deal would not entail the issuance of any securities.

Vanke did not identify its partners, the commercial property firms or the third parties that own the stakes with Blackstone. Vanke representatives did not immediately reply to requests for comment.

The developer also said it had not entered into any legally binding agreement regarding the deal, which was approved by its board on June 21.

Vanke is currently in the midst of a corporate power struggle that has pitted its biggest shareholder, financial conglomerate Baoneng, against Vanke's management.

REUTERS