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Blackstone to set up a China subsidiary

(China Daily)
Updated: 2009-06-19 16:24

US private equity firm Blackstone Group LP is in talks with the Shanghai city government to set up a wholly-owned China subsidiary as it prepares to launch a local currency private equity fund, sources said yesterday.

The Shanghai Financial Service Office, led by the city government, has given strong backing to senior Blackstone executives, hoping the US private equity group could be the first foreign firm to incorporate locally.