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Actionable news in BX: THE BLACKSTONE GROUP L.P,

Vanke in Talks for $1.9 Billion of Property From Blackstone

  • Deal was reason for director’s controversial vote abstention
  • Vanke is embroiled in tussle for control by major shareholders

China Vanke Co. and its partners are in talks to pay about 12.9 billion yuan ($1.9 billion) for commercial property from Blackstone Group LP and other parties, a deal that first drew attention last month after a Vanke director abstained from a key vote citing a conflict of interest due to the transaction.

The Shenzhen-based developer will contribute about 3.9 billion yuan to the purchase, Vanke said in a statement issued on Tuesday. Vanke didn’t identify the partners it’s working with, saying only that they were not "related parties" of the company. No securities will be issued to fund the transaction, it said.

Vanke, the nation’s biggest publicly traded homebuilder, is embroiled in a tussle for control with major shareholders amid a share sale that would make Shenzhen Metro Group its largest holder. The potential deal with Blackstone has already been a...