Blackstone Group is looking for buying opportunities in China’s commercial property market amid slowing growth and market turbulence in the world’s second-largest economy.

Christopher Heady, head of the private equity firm's closely watched Asia real estate business, said employment remained high and the service sector healthy in certain Chinese markets despite the broader slowdown in growth. "People are still spending money and standards of living are improving," he said in an interview on Wednesday. "We see over the medium to long term this trend as continuing."