US private equity fund Blackstone Group has bought a new shopping mall in Shanghai for over 4.5 billion yuan (660 million dollars) from Chinese developer Super Ocean Group, state media said Wednesday.
The purchase of the project, which is available for lease with a floor area of 300,000 square metres, was Blackstone's second property investment in China this year, the Oriental Morning Post report said, without citing any sources.
Blackstone's links with China made headlines in 2007 when China Investment Corp, a firm charged with handling part of the nation's huge foreign exchange reserves, put three billion dollars into the private equity group. Blackstone made its first foray into China's property market in June. It bought a 90 percent stake in a commercial building in Shanghai for 1.1 billion yuan from Hong Kong-listed developer VXL Capital, according to VXL's filing with the Hong Kong bourse.
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