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China Vanke to buy RE companies from Blackstone affiliates

revealedan estimated 12.87billion-Chinese-yuan deal with funds managed by affiliates of .

Underthe agreement, a China Vanke subsidiary established a limited partnership fund toacquire certain commercial property companies held by the Blackstoneaffiliates. The fund and the developer's unnamed "cooperation partners"will own 96.55% equity interests in the project companies.

Thecompany, currently miredin controversy, willcontribute around 3.89 billion yuan of the deal value, with its partnersshouldering the rest, according to a filing.

Thedeveloper said that the deal will help it "rapidly enhance" itsoperations and management of commercial properties. The potential deal will notrequire any issuance of securities and no discussions have been made to do so.

ChinaVanke first flagged the deal in June when it unveiled its restructuring plan,in which it said that director Zhang Liping, who is also a Blackstoneexecutive, abstained from voting on the plan due to the pending deal withBlackstone.

Backthen, it said that the agreement involvedthe sale of a commercial property project in China.

ChinaVanke's board approved the Blackstone deal on June 21.

As of July 11, US$1 wasequivalent to 6.69 Chinese yuan.