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Chinese insurer might buy Japanese properties from Blackstone

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Chinese insurer might buy Japanese properties from Blackstone

Blackstone Group LP, a direct investments fund, carries out negotiations on selling a portfolio of Japanese properties to Chinese company, Anbang Insurance Group.

The transaction is estimated at approximately $2.3 billion, The Wall Street Journal reports citing its sources.

Currently, Chinese companies led by Anbang have been actively acquiring property abroad. In particular, the insurer purchased a chain of hotels, Strategic Hotels & Resorts, for around $5.5 billion from Blackstone.

Blackstone, which possesses assets worth $102 billion in this sector, has sold a bulk of assets this year, totaling at least $16 billion. One of its latest transactions was selling a 25% stake in Hilton Worldwide Holdings Inc. to Chinese conglomerate HNA Group for $6.5 billion.

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