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Blackstone Offers $3.05 Billion for Majority of Soho China

  • Controlling shareholders plan to keep 9% stake in Soho
  • Private equity firm seeks to expand in Chinese property market
Zhang Xin
Zhang Xin

Photographer: Anthony Kwan/Bloomberg

Updated on

Blackstone Group Inc. offered to take over office developer Soho China Ltd. for as much as HK$23.7 billion ($3.05 billion), its biggest bet yet on the real estate market in Asia’s largest economy.

The New York-based private equity firm is offering HK$5 in cash for each Soho China share, it said in a Hong Kong stock exchange filing Wednesday, confirming an earlier Bloomberg News report that it was nearing a deal. The bid represents a 31.6% premium to Soho China’s last closing price before trading was suspended on Tuesday.