(Yicai) Nov. 21 -- Blackstone Group is not in discussions with any company about selling 11 of its logistics properties in China, China Real Estate Newspaper reported yesterday, citing a spokesperson from the US asset management giant.

Blackstone will sell 11 logistics parks in China worth over CNY10 billion (USD1.4 billion), The Paper reported last week. Property and casualty insurance provider Ping An Overseas Holdings under insurance titan Ping An Insurance Company of China is the buyer and has penned a letter of intent with New York-based Blackstone, other media reports said.

But Ping An Overseas denied the deal yesterday, saying it knew nothing about it and had no comment to make, China Real Estate Newspaper reported.

Blackstone has been offloading logistics assets this year to seek a high return. It sold the St Katherine Docks in London for GBP400 million (USD501.1 million) in January, six warehouses in Japan to Singaporean sovereign wealth fund GIC for over USD800 million in May, and a logistics asset portfolio of 1.4 million square meters to US logistics infrastructure operator Prologis for USD3.1 billion in June.

Editor: Kim Taylor