October 20, 2021
General News

Collapsed Blackstone deal shows that ‘everything is political’ in China

At 8.30am last Thursday, from his office in New York, Stephen Schwarzman, the global chief executive of $684bn private equity giant Blackstone, logged into a video call with Fang Xinghai, the chair of Beijing’s top financial regulator.

The timing of the “China-US Financial Roundtable”, an annual meeting between a handful of Wall Street veterans cherry-picked to speak with a small group of top Chinese officials, was awkward.

Not only was the world obsessing over the looming risk of default at property developer Evergrande, but less than a week earlier, Blackstone’s biggest ever bet on the Chinese real estate market — part of the engine of its Asia growth plans — had been thwarted by regulators in Beijing with no warning.

Read full article here: www.ft.com