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Carlyle Buys 49% Stake in Two Chinese Shopping Malls on Demand

Carlyle Group LP, the world’s second-largest manager of alternative assets, bought a minority stake in two Chinese shopping malls, seeking to tap a retail property boom spurred by rising domestic consumption.

A company advised by Carlyle’s Asia real estate group bought a 49 percent stake in Suzhou In-City Mall and Hangzhou Gudun In-City Mall in eastern China, both owned and operated by SZITIC Commercial Property Co., according to an e-mailed statement. The financial terms were not disclosed.