SHANGHAI--Private-equity company Carlyle Group is looking to buy some of developer China Vanke Co.'s (000002.SZ) commercial properties.

Vanke expects to sign a memorandum of understanding for an asset or share acquisition with Carlyle Asia Investment Advisors in the next few days, the Shenzhen-based company said in a stock-exchange announcement.

The talks were first reported by Reuters on Wednesday.

Write to Esther Fung at esther.fung@wsj.com

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