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Blackstone scraps $3bn takeover of property giant Soho China

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AFP

Beijing (AFP) – A US private equity firm has abandoned a planned $3 billion purchase of Chinese property developer Soho China, with antitrust authorities yet to approve the deal. Blackstone had hoped to expand its presence in the country through acquisition of Soho China, which holds prime real estate in cities like Beijing. But its offer had been conditional upon clearance from China’s competition authorities, and the parties concluded that the pre-conditions would not be satisfied within a designated time frame, according to a filing to the Hong Kong exchange dated Friday. Both sides have no…

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