Vanke planning big purchase from Blackstone

China Vanke Co Ltd, the country's largest residential developer, and its partners are planning to acquire a commercial property unit from US firm Blackstone Group LP, triggering speculation about whether the move is linked with the current power struggle within the developer.

In a filing to the Hong Kong Stock Exchange on Monday, the developer said that it and its partners have agreed to set up an acquisition fund to acquire 96.55 percent stake of a commercial property company affiliated with Blackstone at a price of 12.87 billion yuan ($1.92 billion).

Vanke will contribute 3.89 billion yuan to the acquisition and no securities will be issued to fund the deal, according to the statement.