Blackstone buys larger stake in HK-listed realtor

Global leading private equity firm Blackstone Group owned 71 percent of shares in Hong Kong-listed Tysan Holdings Ltd as of Jan 8, a move to expand its real estate business in China, said Shanghai Securities News on Tuesday.

Blackstone Group acquired Tysan Holdings on Jan 3 with HK$1.64 billion ($211.5 million) for 65.5 percent shares, and it increased its shareholding in the the property developer on Jan 7 and Jan 8 to 71 percent.

The acquisition is to expand the group's footprint in the Chinese property market, according to the Blackstone Group.

Blackstone Group has invested in the cities of Shanghai, Tianjin, Wuhan, Dalian and Nantong. Tysan Holdings operates real estate businesses in Shanghai, Tianjin and Liaoning province.

Although Chinese government carried out measures to control home property prices between 2010 and 2013, sales and prices are still rising because of strong demand.