China Vanke Co said it and partners will pay Blackstone Group LP and other third parties 12.9 billion yuan ($1.9 billion) to acquire some commercial property companies, according to a statement Vanke sent to the Hong Kong stock exchange on Tuesday.
The country's largest listed property developer said in a statement it will spend about 3.9 billion yuan on the acquisitions but the financing won't involve the issue of any securities.
Vanke did not identify its partners, the commercial property companies or the third parties that own the stakes with Blackstone. Vanke representatives did not immediately reply to requests for comment.
The developer also said it hadn't entered into any legally binding agreement regarding the deal, which was approved by its board on June 21.
Vanke is in the midst of a corporate power struggle that has pitted its biggest shareholder, financial conglomerate Baoneng, against Vanke's management.
