Blackstone Group is selling its 95 percent stake in Shanghai’s Channel 1 shopping mall for $229 million, Bloomberg reports. The shopping center will be sold to New World Development Co. in Hong Kong.
The transaction is scheduled to be completed in early November. The private equity firm had acquired the mall in 2008 for about $156 million from VXL Capital, a property investment company, which retained a 5 percent stake in the center.
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