(Yicai) Aug. 12 -- Four companies under Blackstone Group are paying a combined  CNY279 million (USD39 million) to buy out the remaining equity in four China-based warehousing and logistics companies to assume total control as part of the US asset management giant’s aim to become a leader in the country’s logistics infrastructure sector.

The four Hong Kong-registered units are purchasing 20 percent equity in four warehousing and logistics projects from Fujian Dongbai Group, the department store and shopping mall operator said on Aug. 9. The Blackstone subsidiaries paid Dongbai a total of CNY1.1 billion (USD151 million) for 80 percent stakes in the four assets between 2018 and 2020.

Two of the companies are located in Foshan, southern Guangdong province, and are making a small profit, while the other two, which are in Tianjin near Beijing and Chengdu in the southwest of the country, are slightly loss-making, Fuzhou-based Dongbai added.

This sale will optimize Dongbai’s asset structure, boost liquidity, and better implement its light asset operation strategy, said Dongbai, which develops and builds warehousing and logistics operations across China and then sells them but retains operational rights. Major e-commerce and logistics firms such as JD.Com, S.F. Holding and Shein are among its clients.

Blackstone holds a substantial amount of logistics and warehousing assets globally and in China. Its Chinese mainland logistics assets management vehicle DragonCor has a lettable warehousing area of over 5.1 million square meters across China, according to its website.

Dongbai’s share price [SHA: 600693] closed down 2.3 percent today at CNY2.93 (USD0.41).

Editor: Kim Taylor