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Report: Blackstone expected to bid for Anbang's $2.4B Japan property portfolio

Private equity giant Blackstone Group Inc. is likely to bid for a $2.4 billion property portfolio in Japan being put up for sale by Anbang Insurance Group Co. Ltd., Reuters reported, citing two people familiar with the company's plans.

The sale is in its early stages, and the troubled Chinese insurer has not yet set a price for the portfolio, which it bought from Blackstone in 2017, the sources told the news outlet.

The portfolio largely consists of apartment properties catering to middle-class customers in Tokyo, Nagoya and other large cities in Japan.

Anbang attempted a partial sale of the portfolio in 2018 but was unsuccessful in attracting buyers because of the age and location of the properties, sources reportedly said.

Anbang and Blackstone representatives did not comment on the matter, according to Reuters.