Blackstone has agreed to buy property developer Soho China for about $3bn, marking the US private equity group’s biggest bet so far on a Chinese real estate market now recovering from the pandemic.

The buyout firm has offered HK$5 a share for a majority stake in Hong Kong-listed Soho China, whose developments are focused on Beijing and Shanghai. The developer commissioned the late architect Zaha Hadid to design its high-end office development in Beijing.

The offer has been accepted by Pan Shiyi and Zhang Xin, the husband and wife team who founded the company and are its chair and chief executive respectively, the developer said in a stock exchange filing late on Wednesday.

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Source: Financial Times

By George Hammond