Blackstone Group invests $128m in China
The Blackstone Group has invested $128 million into a high-end residential-led development project in Ningbo, China. With the capital, Blackstone acquired a 49 percent stake in the project from listed Hong Kong property company Franshion Properties. A Franshion subsidiary, Enhanced Experience, will continue to hold a 51 percent stake and act as the developer of the property.
The project has a land area of approximately 672,292 square feet and total above-ground floor area of approximately 1.7 million square feet. A wholly owned subsidiary of Enhanced Experience acquired the land-use right to the project site in September 2013 for the Land Premium.
Blackstone entered the region in 2007. Currently, the firm is fundraising for its Blackstone Real Estate Partners (BREP) Asia fund, the firm’s first fund that focuses exclusively on Asia. The opportunistic fund launched in January 2013 with a $4 billion