Blackstone has abandoned its planned $3bn (£2.2bn) purchase of Chinese developer Soho China, after failing to win Beijing’s approval in time.
The US private equity group had made its offer conditional on approval by the country’s competition authorities and, in a joint statement on Friday, Blackstone and Soho China said they would not be able to receive antitrust approval in the agreed time frame.
In recent years Blackstone has poured money into Chinese offices and residential property, as well as warehouses for e-commerce.
Blackstone’s logistics portfolio in China covers 53m sq ft across 23 cities.
