NEW YORK -- Private equity fund Blackstone Group is in talks to sell up to 250 billion yen ($2.26 billion) worth of Japanese property assets to China's Anbang Insurance Group.
It would be the largest Japanese property transaction by a non-Japanese entity since Morgan Stanley's 280 billion yen acquisition of 13 hotels from ANA Holdings in 2007, prior to the financial crisis.
The U.S. private equity fund is in discussion to sell several Japanese residential properties and office buildings, with an official agreement to be reached soon, according to sources.
While Blackstone has been actively engaged in Asian property investment in recent years, Anbang is thought to have made a high offer for the Japanese assets.
Anbang has been pushing property acquisitions outside China. Among these, the group acquired New York's famous Waldorf Astoria Hotel for $1.95 billion in 2015.