Blackstone Group plans to acquire two serviced apartment buildings in Hong Kong for HKD 750 million, potentially entering the Hong Kong rental residential market officially
On September 9th, according to market sources, Blackstone Group is in deep negotiations to acquire two serviced apartment buildings in Hong Kong. This move may signify the group's official entry into the Hong Kong rental housing market, further expanding its real estate business in Asia. It is understood that Blackstone Group is in exclusive negotiations with the seller, CHIResidences, regarding the transfer of Tai Chi Court 138 in Wan Chai, Hong Kong (107 units) and Tai Chi Court 314 in Nathan Road, Jordan (59 units). The total acquisition price for this transaction could reach up to HKD 750 million (approximately USD 96 million), and if the deal is concluded at this price, the price per unit will be close to HKD 4.5 million. Blackstone Group has conducted thorough due diligence on these two properties and plans to collaborate with rental housing operator Dash Living to jointly manage and operate these assets. Blackstone Group's Chairman and CEO, Stephen Schwarzman, previously stated that as inflation continues to fall and expectations of a Fed rate cut strengthen, the group's asset value is expected to further increase. He specifically pointed out that real estate investments will benefit from future rate cuts, laying the foundation for the company's long-term significant realization cycle
According to the financial news app Zhitong Finance, on September 9th, it was reported in the market that Blackstone Group (BX.US) is in deep negotiations to acquire two serviced apartment buildings in Hong Kong. This move may signify the group's official entry into the Hong Kong residential rental market, further expanding its real estate business in Asia. It is understood that Blackstone Group is in exclusive negotiations with the seller, CHI Residences, regarding the transfer of Tai Chi Court 138 in Wan Chai, Hong Kong (107 units) and Tai Chi Court 314 on Nathan Road in Jordan (59 units).
The total acquisition price for this transaction could be as high as HKD 750 million (approximately USD 96 million), and if the deal goes through at this price, the price per unit will be close to HKD 4.5 million. Blackstone Group has conducted thorough due diligence on these two properties and plans to collaborate with the rental housing operator Dash Living to jointly manage and operate these assets.
Blackstone Group's Chairman and CEO, Stephen Schwarzman, previously stated that as inflation continues to fall and expectations of a Fed rate cut strengthen, the value of Blackstone Group's assets is expected to further increase. He specifically pointed out that real estate investments will benefit from future rate cuts, laying the foundation for the company's long-term significant realization cycle