The real estate developer China Vanke plans to pay about $1.9 billion to the American private equity group Blackstone for commercial properties, the developer said on Tuesday.

 

Vanke said in a Hong Kong Stock Exchange filing that other partners were involved in the deal, but did not identify who they were. It will contribute about 3.9 billion renminbi, or about $581 million, to the transaction. It also cautioned that the deal might still fall apart.

 

In a separate, earlier filing, the company had said the deal involved the majority shareholding of a “large-scale commercial property project in the P.R.C.,” referring to the People’s Republic of China, which it intended to acquire to “further enhance its management and operation capability in respect of commercial properties.” The project included several shopping malls, but no further details were disclosed.

 

China Vanke has been embroiled in a power struggle since December, when Baoneng, a Chinese property and insurance conglomerate, began positioning itself for a hostile takeover.

 

The deal with Blackstone came to light in a filing on the restructuring that resulted from the company’s attempt to ward off the takeover.

 

The filing said Zhang Liping, an independent nonexecutive director who is also a senior managing director for greater China at Blackstone, abstained from voting on the restructuring because of his involvement in the deal. It said that Mr. Zhang believed that the approval of the restructuring affected whether the acquisition of the Blackstone properties would be approved.

 

Blackstone has been active in China and its moves have been closely watched. It was already part of a joint venture with Vanke to invest in logistics, and bought into Szitic Commercial Property in Shenzhen, China, which manages more than 30 malls across the country. Blackstone’s website notes that the company’s malls “have continued to achieve compelling sales growth despite a slowdown in China’s overall G.D.P. growth rate.”

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