Stephen Schwarzman, co-founder and chairman of Blackstone, said in reports cited in The South China Morning Post that despite concerns of overheating in the Asia property markets, the group will continue to pursue large deals there. 

The group aims to buy assets at a discount, he told the newspaper. "We look for deals that allow us to add value by making improvements and changes to an existing project," he said. 

Blackstone raised a record US$13.3 billion this month for its seventh real estate fund in Asia.  Schwarzman added that the fund's mandate was to make deals when acquisition targets were "below the trend".

In the report he cited India, which generated double digit returns on an unleveraged basis for the firm last year, and Australia, which also posted a generous yield for Blackstone.