Monday, May 21, 2007
China is going to diversify its portfolio beyond U.S. Treasury bills and make a $3 billion investment in The Blackstone Group. It will make the purchase of non-voting shares as part of The Blackstone Group's upcoming IPO. The stake will be less than 10% of the firm, and China will agree to hold it for four years. See NYTimes, China to Buy a Stake in Blackstone; WSJ, China Puts Cash To Work in Deal With Blackstone.