NEW YORK/BEIJING: China’s new state investment agency is taking a US$3bil stake in US private equity firm The Blackstone Group, in a sign Beijing plans to use its stash of currency reserves to become a global investor.
The agreement gives China’s government a stake in the private equity boom sweeping the world and seals a key alliance for Blackstone at a time when foreign investors are struggling to gain support from Beijing to buy domestic assets.
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