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Blackstone Said to Sell Shanghai Shopping Mall to New World

Blackstone Group LP, the world’s biggest private-equity firm, agreed to sell its 95 percent stake in Shanghai’s Channel 1 shopping mall to New World Development Co. in Hong Kong for 1.46 billion yuan ($229 million), according to three people briefed on the transaction.

Blackstone bought the mall vacant for about 1 billion yuan in 2008, the year it opened an office in Beijing, and has increased occupancy of the 42,000-square-meter (452,000-square-foot) property to more than 90 percent, said one of the people, who asked not to be named because the sale hasn’t been completed. The deal is scheduled to be completed in early November.