Blackstone ends $3b bid for Chinese developer
Blackstone Group has ended its $3 billion bid for a controlling stake in SOHO China, one of the country's largest real estate developers, according to a filing posted Friday, citing “lack of sufficient progress in satisfying the preconditions [of the deal].”
The deal was announced in June 2021. Founded in 1995, SOHO China owns and operates an iconic portfolio of commercial properties in China totaling 1.3 million square meters (14 million square feet).
The news comes as China’s most successful business tycoons come under scrutiny and growing pressure to share more of their wealth, reported