Carlyle inks agreement with Shandong province

Carlyle Group has signed an agreement with the Shandong government in hopes of securing a stream of private-equity deals in the eastern province, the Wall Street Journal reported. The memorandum of understanding between US-based Carlyle and the Shandong Department of Foreign Trade and Economic Cooperation, includes plans to help companies in Shandong expand internationally. Shandong is best-known for its strength in the chemicals and household appliance industries, as well as Tsingtao beer. Carlyle has so far invested in a US$100 million conveyor-belt joint venture in the province through a subsidiary company, and in a real estate venture in the coastal city of Qingdao.