Global largest asset management firm Blackstone Group and ICBC International acquire stakes in SCP (SZITIC Commercial Property Group Co., Ltd.) have acquired a 40% and 6% stake respectively in SCP.
According to the statement released by SCP, its total assets value will amount to approximately USD 2 billion after the deal.
SCP is one of China's largest shopping mall development operators. On May 29, 2013, it sold 49% stake of Hangzhou Incity and Suzhou Incity to Carlyle Group.
With the IPO pause in Chinese market and restriction in land buying, China's privately-owned real estate groups have turned to less-regulated shadow banking or foreign institutional investors like Blackstone to obtain financing and operational skills.
Source:
http://www.sinocast.com/readbeatarticle.do?id=101335
