Blackstone steps up property deals in Asia

[HONG KONG] Blackstone Group LP, which has put US$1 billion of equity this year into Asian real estate, says it's poised for more deals in the region as maturing funds sell assets and banks retreat amid new regulations.

"As the competition has receded, the investment landscape has become more interesting," said Chris Heady, the firm's regional head of real estate investing in Hong Kong. "We believe this competitive dynamic will persist for some time."

Blackstone's property acquisitions in Asia this year range from Chinese shopping malls to Australian office buildings. Since making its first deal in the region in 2007, the biggest real estate private-equity firm has invested US$7 billion in about 30 transactions, including US$3 billion of equity.