Blackstone, ICBC unit to buy stakes in China shopping mall operator

HONG KONG Mon Nov 4, 2013 6:02am IST

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HONG KONG (Reuters) - Global private equity firm Blackstone Group (BX.N) has agreed to buy a 40 percent stake in Chinese shopping mall operator and developer SCP Co Ltd for an undisclosed value, SCP said in a statement on Monday.

SCP said in a separate statement that ICBC International Holdings, a unit of Industrial and Commercial Bank of China Ltd (601398.SS), has also agreed to buy a 6 percent stake in the company.

Unlisted SCP will have total assets valued in excess of $2 billion after the deal, according to the company.

(Reporting by Stephen Aldred and Donny Kwok; Editing by Denny Thomas and Ryan Woo)