Blackstone, a US-based private equity firm scraps plan to purchase a $3 billion Chinese property called Soho China. The authorities of antitrust are yet to approve the deal.
Blackstone aspired to expand their brand recognition in numerous countries through Soho China’s acquisition that holds a critical real estate in countries such as China.
Its offer has made conditions upon China’s competition authority clearance. It has also been concluded by the parties that within a designated time frame, the pre-conditions will not be satisfied.
According to the filing by the Hong Kong exchange, both sides “agreed that the offer should not be made.”
In June, Blackstone offered a share of HK$5. This possesses a share of more than 30% above the closing price of Soho China. And...