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Blackstone says aims to finish China property buys

(Agencies)
Updated: 2008-10-15 17:13

US private equity giant the Blackstone Group said on Wednesday that it still aims to complete property deals in Shanghai with VXL Capital and Super Ocean Group.

The South China Morning Post reported this week that Blackstone had dropped a deal worth about $160 million to buy 90 percent of a commercial building from Hong Kong-listed VXL due to worsening market conditions.

"It's still moving forward. It's not that I hope we'll do a deal, I know we're doing a deal," said Robert Welanetz, global retail head for Blackstone, speaking on the sidelines of a conference. "I think it will be sooner rather than later."

Sources had previously said that Blackstone was also vying with rivals to buy up to four commercial buildings in Shanghai from Super Ocean Group for as much as $1 billion.

The South China Morning Post reported this week that Blackstone had failed to agree on a price for one of the buildings, the new Skymall shopping center.

"We're still in dialogue," Welanetz said, referring to Skymall.