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China Vanke Reportedly Plans to Buy a Shanghai Tower From Carlyle

General Economy Images In BeijingGeneral Economy Images In Beijing
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

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.