Developer China Vanke Co Ltd (2202.HK) said on Thursday it and its partners have sealed a $1.9 billion deal with Blackstone Group LP (BX.N) and third parties, with itself putting in 3.89 billion yuan ($583.02 million) to buy their property firms.

The deal was first made public last Tuesday, when Vanke disclosed it was in talks after its second-biggest shareholder, China Resources, criticized the Vanke board’s approval of a white knight deal with Shenzhen Metro as being invalid because one Vanke director had abstained from voting.

In a filing to the stock exchange, Vanke (000002.SZ), China’s largest property developer, said it and its partners would acquire a 96.55 percent interest in property firms held by Blackstone and third parties. The financing of the deal would not involve any new share issue, it added.

READ FULL ARTICLE HERE