Private equity firm Blackstone Group and Taiwan's Wei family, the founders of instant noodle and MSG maker Ting Hsin International Group, are seeking to raise $282 million in five-year debt to back the purchase of a commercial property in Shanghai, Basis Point reported, citing unnamed sources. The sources said a joint venture of Blackstone and the Wei family is in the process of buying the office floors of the Huamin Imperial Tower, a new commercial building in Shanghai developed by the Huamin Group, for around 2.7 billion yuan ($425 million). Blackstone declined to comment. The company had $4.3 billion of equity in Asia, and $38 billion in real estate assets globally, as of last September. It has been expanding its presence in China, focusing primarily on residential and hotel development and overhauling shopping malls.