Blackstone in talks to sell China logistics assets in divestment

Blackstone is in advanced talks to sell three logistics projects in China to Ping An Insurance (2318), according to people familiar with the matter, in a major exit from the business amid rising appetite among domestic investors.

The US firm plans to offload the real estate in the China Greater Bay Area to Ping An Life Insurance for about 2.7 billion yuan (HK$2.89 billion), the people said, asking not to be identified because the information is private. The projects include a 49-acre park in Foshan city and two others in Dongguan, the people said.

Blackstone will still manage the projects after the sale, which could be completed in the second quarter, the people said. Cailian reported the sale earlier. Blackstone and Ping An Insurance’s asset management unit declined to comment.

BLOOMBERG