Blackstone in Talks to Sell China Logistics Assets in Divestment
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Blackstone Inc. is in advanced talks to sell three logistics projects in China to Ping An Insurance (Group) Co., according to people familiar with the matter, in a major exit from the business amid rising appetite among domestic investors.
The US firm plans to offload the real estate in the China Greater Bay Area to Ping An Life Insurance Co. for about 2.7 billion yuan ($372 million), the people said, asking not to be identified because the information is private. The projects include a 49-acre park in Foshan city and two others in Dongguan, the people said.