Blackstone buys 40% stake in China mall owner

Blackstone and ICBC International have bought a 40% and 6% stake respectively in SCP, a Chinese shopping mall owner.

Financial details were not disclosed but the value of Blackstone's stake is about $400 million, according to a person close to the situation.

The investment in SCP represents Blackstone's largest mall investment in the Asia Pacific region and gives the firm a platform to continue to invest capital in Chinese malls, whether that is through development of new malls or acquisitions of existing malls.

“With China’s economy increasingly driven by domestic consumption, the retail sector has tremendous potential, said Chris Heady, head of real...