Show your support by donating any amount. (Note: We are still technically a for-profit company, so your
contribution is not tax-deductible.)
PayPal Acct: 
Feedback: 
Donate to VoyForums (PayPal):
| [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, [5], 6, 7, 8, 9, 10 ] |
| Subject: capitalists never met a dictator they didn't like, even a communist dictator! | |
|
Author: jw |
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: 10:01:24 05/21/07 Mon If ever there was a threat to our freedom, this is it. This is not the kind of threat that is easily discernable by the common man, like pearl harbor or 911. The chinese dictatorship is working with american and western capitalists to gradually take control of our society in a quiet way. Beijing strikes $3b dealJason Kelly May 22, 2007 12:00am Article from: Font size: + - Send this article: Print Email CHINA'S communist government has taken a $US3 billion ($A3.6 billion) stake in one of the world's biggest private equity funds. Blackstone Group -- the buyout firm run by billionaire businessman Stephen Schwarzman -- has found an unlikely ally in the Chinese Government in its effort to tap China's nascent private equity market. China's soon-to-be formed State Investment Co will buy an undisclosed number of non-voting Blackstone shares at 95.5 per cent of the price set in its planned $US4 billion initial public offering. SIC will hold the Blackstone stake for at least four years and will not invest in another private-equity firm for a year. The stake will be reduced if necessary to keep it below 10 per cent after the IPO. At 10 per cent, the purchase values the firm at about $30 billion. "It's certainly a fascinating partner for Blackstone," said Colin Blaydon, director of the Centre for Private Equity and Entrepreneurship at Dartmouth College's Tuck School of Business said. "Everyone over there is going to know who they are." China -- the largest holder of US Government debt behind Japan -- is creating the investment company to buy potentially more lucrative assets, such as private equity. Foreign-exchange reserves, swelled by export revenue, rose by a record $US136 billion in the first quarter to $US1.2 trillion -- the most in the world, according to China's central bank. Blackstone has trailed competitors such as Carlyle Group and Warburg Pincus in buying Chinese companies. It stepped up its efforts in China in January, hiring former Hong Kong financial secretary Antony Leung to head its Asia Pacific operations with Ben Jenkins, a senior managing director who recently moved to Hong Kong from New York. China has restricted purchases by private-equity firms. Carlyle's offer for a controlling stake in Xugong Group was the first by a buyout firm for a major government-owned enterprise. About eight months after the bid, China's Cabinet said the country's biggest equipment makers must stay under state control. Carlyle scaled back its bid, agreeing to take a minority stake. Private-equity firms have announced $US378 billion of deals this year and may break last year's record $US701.5 billion, according to Bloomberg data. Chinese companies have accounted for $US851 million of buyouts this year. Some private-equity executives, including Henry Kravis of Kohlberg Kravis Roberts, have expressed concerns about private equity investing in China. Bloomberg [ Next Thread | Previous Thread | Next Message | Previous Message ] |