News Snapshot:
Even the world’s largest real estate fund manager is finding business in China a bit tougher this year, as Blackstone announced on Friday that its $3 billion buyout of developer Soho China had been cancelled after failing to win approval from mainland authorities. In a joint statement with the developer controlled by mainland real estate personalities Pan Shiyi and Zhang Xin, the two parties said they would not extend the schedule for Blackstone to purchase at least 54.93 percent of Soho’s Hong Kong-listed stock, noting that China’s State Administration for Market Regulation (SAMR) had not yet approved the transaction. That...
