Assets manager Blackstone Group LP has agreed to purchase a 40 percent stake in one of China’s largest shopping mall developers in a deal that could be worth as much as $400 million, according to Bloomberg. Blackstone bought its stake in SCP Co. Ltd. at the beginning of November, just as SCP disclosed that another 6 percent stake had been bought by a unit of the Industrial and Commercial Bank of China Ltd.

The deal comes as Chinese property groups face numerous financing restrictions, providing opportunities for outside investors like Blackstone. Blackstone is in the middle of raising $4 billion for its new Asia real estate fund, which launched in June of this year.

SCP owns and manages 19 malls across China that cater to the country’s growing middle class. Tenants include Wal-Mart Stores Inc., Inditex SA’s Zara, Uniqulo, and Chow Tai Fook Jewellery Group Ltd.

Posted by Catherine Matacic