Stylish projects such as Wangjing SOHO designed by the late Iraqi-British architect Zaha Hadid … [+]
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Shares in Soho China, one of China’s largest and best-known commercial real estate developers, plunged 35% in Hong Kong trade this morning on word it had ended talks under which Blackstone Group would have purchased the Beijing-headquartered company in a transaction worth $3 billion.
The two, which announced a preliminary agreement in June, cited “a lack of progress” in the decision, according to a filing on Friday.
Shares dropped 34.9% in the first morning session following the announcement, ending at HK$2.28 mid-day.
The deal came as China’s economy was recovering from the Covid-19 pandemic,…