Blackstone To Acquire 49% Stake of Franshion Properties Subsidiary

Hong Kong-listed Franshion Properties says the company has entered into an agreement with Blackstone Group, in which Blackstone will acquire a 49% stake in its wholly-owned subsidiary, Enhanced Experience, for about US$128 million, according to a company announcement.

The company says it will use the proceeds to develop a mixed-use commercial real estate project in an undisclosed city in China, which is owned by Enhanced Experience through its wholly-owned subsidiary.

The project site has a land area of about 62,458 square meters and total above-ground floor area of about 158,010 square meters.

Franshion is a real estate and hotel development platform of state-owned enterprise Sinochem Group.

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