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Blackstone Group LP And China Resources Land Ltd's JV Buys Nantong Site-DJ

Friday, 25 Jan 2013 12:56am EST 

Dow Jones reported that a Blackstone Group LP (BX) and China Resources Land Ltd joint venture (JV) has purchased a Nantong property for more than CNY3 billion ($482 million). The JV paid around CNY1,300 a square meter for the land in the city in East China's Jiangsu province. The plot can accommodate total floor area of 600,000 square meters, the source said and added there are plans to build a shopping mall, office and residential buildings. The deal was finalized in October and has Commerce Ministry approval. China Daily first reported Friday that a real-estate fund owned by Blackstone and China Resources Land had purchased the land. 

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