China Sells Stake in Blackstone as Deal Scene Turns Sour
Mr. Schwarzman called it “a paradigm shift in global capital flows.”
had bought the stake ahead of Blackstone’s 2007 public offering, making it one of the
firm’s biggest shareholders with more than a 9 percent stake in the public stock.
China Investment Corporation, China’s sovereign wealth fund, has sold its stake in Blackstone
Group, the American private equity giant, the latter said in a recent filing.
By ALEXANDRA STEVENSONMARCH 14, 2018
At a time when deals between American and Chinese companies are on the rocks, an early example
that united a major Wall Street deal maker with the Chinese government has come to an end.
The C. I.C.-Blackstone tie-up was seen as a notable moment in business relations between the United States and China when it was struck in 2007.
“We continue to expand this important relationship as one of C. I.C.’s major asset managers and look forward to working closely together.”
did not respond to a request for comment.
deal represented the first time that China was investing some of its foreign reserves in something other than United States Treasury bills.