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Joint move to build on boom in housing
Source: Agencies |
August 24, 2010, Tuesday
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UNITED States private-equity firm Blackstone Group has agreed to a deal with Great Eagle to build high-end apartments in China, where the housing market is booming, the Financial Times said yesterday.
Blackstone will back Great Eagle's plan to develop more than 1,000 new homes in the northeast China's port city of Dalian, its first significant investment in China, the newspaper said, without citing sources.
The paper did not specify whether Hong Kong-headquartered Great Eagle Group or its Hong Kong-listed unit Great Eagle Holdings Ltd was involved in the deal. Blackstone and Great Eagle were unavailable for comment.
Great Eagle Group posted a core profit after tax of about HK$1.28 billion (US$164 million) and had a net asset value of around HK$22 billion in financial year 2009, according to its website.
Foreign companies have been trying to tap the Chinese housing market, which has seen prices rise sharply over the past year mainly due to healthy domestic consumption as the economy grew.
But the government has been trying to curb rises to ensure the sector does not suffer from overheating.
Blackstone will back Great Eagle's plan to develop more than 1,000 new homes in the northeast China's port city of Dalian, its first significant investment in China, the newspaper said, without citing sources.
The paper did not specify whether Hong Kong-headquartered Great Eagle Group or its Hong Kong-listed unit Great Eagle Holdings Ltd was involved in the deal. Blackstone and Great Eagle were unavailable for comment.
Great Eagle Group posted a core profit after tax of about HK$1.28 billion (US$164 million) and had a net asset value of around HK$22 billion in financial year 2009, according to its website.
Foreign companies have been trying to tap the Chinese housing market, which has seen prices rise sharply over the past year mainly due to healthy domestic consumption as the economy grew.
But the government has been trying to curb rises to ensure the sector does not suffer from overheating.
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