US private equity fund Blackstone Group has opened an office in Beijing to further tap into the fast-growing Chinese market.
Fu Shan, former vice president of Beijing Mainstreets Investment Group, a Shenzhen-listed real estate investment firm, has been appointed as the office’s chief representative.
Fu was also a former official with China’s National Development and Reform Commission, the country’s top economic planning agency.
Blackstone’s relationship with China made headlines in 2007 when it announced China Investment, a firm charged with handling part of the nation’s forex reserve, was making its first ever investment by putting $3 billion into the private equity group.
Blackstone has made its first foray into China’s property market as well, investing RMB1.1 billion ($160 million) in a Shanghai commercial building, according to previous Chinese media reports.
It has also won government approval to buy a 20% stake in chemical firm China National BlueStar for around $600 million.
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