Blackstone buys stake in mall firm

Szitic Commercial Property Co Ltd, one of China's largest shopping mall developers and operators, said Monday that private equity giant The Blackstone Group LP and ICBC International, the Hong Kong unit of Industrial and Commercial Bank of China Ltd, will take stakes in the company.

In an online statement, SCP said that Blackstone will take a 40 percent stake and ICBC International will take 6 percent. The value of the transaction wasn't disclosed.

SCP's total asset value will exceed $2 billion after the deal, the company said.