Soho China, one of China’s largest and most well-known commercial real estate developers, said the Blackstone Group has closed negotiations to buy a Beijing-based company in a $ 3 deal. Hong Kong trade plunged 35% this morning. a billion.
According to a Friday submission, the two, who announced a preliminary agreement in June, cited the “lack of progress” in the decision.
Shares fell 34.9% in the first morning session after the announcement, ending at HK $ 2.28 at noon.
The deal was in China’s domestic politics as China’s economy was recovering from the Covid-19 pandemic, demand for commercial real estate in China was sluggish, and there was a period of geopolitical tension between China and the United States. Turn left. Blackstone offered HK $ 5 per share.
Soho China’s net income for the first half of this year increased 67% to 340 million yuan, or $ 53 million (0.07 yuan per share). Revenues fell by more than 40% to 804 million yuan.
Founded in 1995 and managed by a couple of millionaires Pan Shiyi and Zhang Xin, Soho China owns approximately 1.3 million square meters of real estate, primarily in Shanghai and Beijing. A unique project with architect Zaha Hadid, who died in 2016, helped couples and chans on the world’s real estate map and turn them into Chinese social media darlings.
Forbes estimates that the bread and chan sum was worth about $ 2.7 billion earlier this afternoon.
Blackstone has invested $ 196 billion in real estate as of March 31st. The company is headed by American billionaire Stephen Schwarzmann. He is the son of a dry food store owner, whose philanthropy includes a school at Schwartzman University in Beijing. Blackstone Group’s shares traded in New York fell 0.5% on Friday to close at $ 128.74. In other recent Chinese investments, Blackstone bought a 70% stake in Urban Logistics Park in Guangzhou, southern China last November for $ 1.1 billion from the R & F Group, bringing Blackstone’s Chinese logistics portfolio to about three. Enlarged by a factor.
China, the world’s second-largest economy, has the second largest number of billionaires after the United States.
See related posts:
Billionaire couple opens latest Zaha Hadid building in Beijing
Billionaire couple Soho China opens Zaha Hadid Building in Shanghai
cheers!China’s latest billionaire is the founder of the largest tavern chain