China's Blackstone Investment `All About Returns' |
| Bloomberg - May 22, 2007 |
China is investing $3 billion in Blackstone Group LP to boost government coffers, and not as a bridgehead for overseas acquisitions or as a back door into private equity, the Chinese official managing the deal said.
``We're just looking for a better return,'' Jesse Wang, Chairman of China Jianyin Investment Ltd., the government agency managing the deal until a new state investment body is set up, said in an interview today. ``That's purely the company's financial investment, purely a commercial activity.''
New York-based buyout firm Blackstone increased its initial public offering by almost 20 percent to as much as $7.75 billion after China agreed to take part. The government is setting up the State Investment Co. to put more of its $1.2 trillion of foreign exchange reserves into higher-yielding overseas assets than the U.S. Treasuries that comprise much of its holdings.
Read Full Article from Bloomberg
- Posted: 2007-05-22 09:48:16
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