Carlyle Group, global alternative asset managers, announced on Wednesday a strategic partnership with SZITIC Commercial Property, acquiring a 49 percent stake in Suzhou In-City Mall and Hangzhou Gudun In-City Mall, two regional shopping centers owned and operated by SCP.

SCP is one of the largest shopping mall developers and operators in China. The investment was made by a vehicle advised by Carlyle's Asia real estate group. The financial terms of the acquisition were not disclosed.

"The partnership with Carlyle will enable us to expedite our business development and expansion plans, as well as to enhance the diversity and quality of our tenant portfolio by offering differentiated products and services, " Liye Ding, chairman and CEO of SCP, said.