Blackstone Real Estate Partners Asia II L.P. and others managed by The Blackstone Group Inc. (NYSE:BX) offered to acquire 91% stake in SOHO China Limited (SEHK:410) from Boyce Limited and Capevale Limited (BVI) for HKD 23.6 billion on June 16, 2021. Offer price is set to HKD 5 per shares. Each of Boyce Limited and Capevale Limited (BVI) irrevocably undertaken to the Offeror to accept the Offer representing 54.93% stake and will retain 9% stake. The Offeror intends to finance the consideration payable by the Offeror under the Offer and the buyer's ad valorem stamp duty for the Offer Shares with equity commitments from the Participating Funds. Each of the Participating Funds is ultimately controlled by The Blackstone Group Inc. Transaction is subject to Minimum tender of 50% and shares remaining listed till completion. The Offeror intends to maintain the existing principal businesses and management of the Group. The Offeror does not intend to avail itself of any power of compulsory acquisition of any Shares and intends to maintain the listing of the Shares on the Stock Exchange after the close of the Offer. As reported on August 9, 2021, China's antitrust regulator has started its review of a general offer. The Independent Board Committee, comprising Sun Qiang Chang, Xiong Ming Hua and Huang Jingsheng. As of September 6, 2021, none of the pre conditions pertaining to the transaction were fulfilled. Goldman Sachs (Asia) L.L.C. acted as financial advisor for offeror. Lazard Ltd (NYSE:LAZ) acted as financial advisor to SOHO China Limited. Simpson Thacher & Bartlett LLP acted as legal advisor and Anglo Chinese Corporate Finance, Limited acted as an independent financial adviser to the independent board committee to SOHO China Limited.

Blackstone Real Estate Partners Asia II L.P. and others managed by The Blackstone Group Inc. (NYSE:BX) cancelled the acquisition of 91% stake in SOHO China Limited (SEHK:410) from Boyce Limited and Capevale Limited (BVI) on September 10, 2021. As a result of the lack of sufficient progress in satisfying the pre-conditions, Blackstone and and others managed by group, Boyce Limited and Capevale Limited and SOHO China Limited have together assessed the ongoing review process which is required to satisfy the pre-conditions and the prospects of bringing such process to a successful conclusion within the offer timetable. The Parties have concluded that the pre-conditions are unable to be satisfied on or before the long stop date. The Parties have also agreed that there will be no extension to the Long Stop date and mutually agreed that the offer should not be made.