The China Vanke Co. logo is displayed at the company's Beijing Hills residential development in Beijing, China on Sept. 8, 2014.
Brent Lewin/Bloomberg via Getty Images

For $369 million.

By Reuters
August 26, 2016

China Vanke is seeking to buy Central Plaza in Shanghai from private equity firm Carlyle Group for around 2.46 billion yuan ($368.94 million), Basis Point reported on Friday, quoting sources.

Vanke, the residential property developer at the center of a high-profile power struggle, is planning to buy through its wholly owned private equity arm V Capital, with a $194 million loan facility, sources told Basis Point.

China’s top homebuilder will eventually hold only a 10% interest in the property after selling 90% to a third party, it said.

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Vanke did not respond to an email seeking comment, while Carlyle declined to comment.

Central Plaza is a grade-A office tower in Shanghai’s central business district Huangpu, opposite to the city’s landmark Shanghai Grand Theatre.

Carlyle bought the building from Singapore-listed real estate fund Forterra Trust for $267 million in April 2013.

See also: Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Meanwhile, Vanke is trying to fend off a hostile takeover by financial conglomerate Baoneng Group with a $6.9 billion deal with white knight Shenzhen Metro. However, the deal was opposed by major shareholders as it will dilute their shareholding.

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