US private equity firm Blackstone has completed its first purchase of a stake in a Chinese company, paying as much as US$600 million for a 20% stake in specialty chemicals maker China National BlueStar Group Corp, Bloomberg reported, citing people familiar with the deal. Blackstone agreed in 2007 to buy the BlueStar stake from state-owned China National Chemical Corp, which will own the remainder of BlueStar. The investment includes a US$100 million shareholder loan that will be forgiven if BlueStar meets an undisclosed profit target this year. Though this is Blackstone’s first Chinese aquisition, the firm was involved in two high-profile China-related deals last year: The sale of a 9.4% stake in Blackstone to China’s sovereign wealth fund and the brokering of a US$3 billion investment by China Development Bank in UK lender Barclays.