Top World Story: China to buy $3B stake in Yalie's company

Colleges & Universities Yale University
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<p>China to Buy $3 Billion Stake in Blackstone
BREAKING NEWS</p>

<p>NY Times Excerpt</p>

<p>The Chinese government said today that it would acquire a $3 billion stake in the Blackstone Group, the private equity firm, in the country’s first effort ever to diversify its $1.2 trillion in foreign-exchange reserves beyond United States Treasury bills and into commercial enterprise.</p>

<p>The deal will give China a roughly 8 percent stake in Blackstone, which owns companies that have 375,000 employees and $83 billion in annual sales. </p>

<p>It would also represent a watershed for the booming private equity industry as it tries to gain a foothold in China.</p>

<p>“It’s a historic change. It’s a paradigm shift in global capital flows,” Stephen A. Schwarzman (founder and Yale B.A.) said in an interview.</p>