China Vanke Co Ltd is seeking to buy Central Plaza in Shanghai from private equity firm Carlyle Group for around 2.46 billion yuan ($368.94 million), Basis Point reported on Friday, quoting sources.

Vanke, the residential property developer at the centre of a high-profile power struggle, is planning to buy through its wholly owned private equity arm V Capital Ltd, with a $194 million loan facility, sources told Basis Point.

China’s top homebuilder will eventually hold only a 10 percent interest in the property after selling 90 percent to a third party, it said.

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