Blackstone Executive: Weak Overseas Market Good Chance For CIC Invest
Sunday September 28th, 2008 / 6h00
BEIJING -(Dow Jones)- China's US$200 billion sovereign-wealth fund has some good opportunities to buy prime overseas assets as their prices have slumped amid the global financial turmoil, a senior executive at Blackstone Group L.P. (BX) said Sunday. CIC, along with some other Chinese investors, are faced with "a rare chance once in a century" to buy strategic overseas assets as prices are low, Antony Leung, Greater China chairman for the U.S. private-equity firm, said at the World Economic Forum in Tianjin. China Investment Corp., China's sovereign-wealth fund, invested about $3 billion in private-equity firm Blackstone Group's initial public offering in 2007. "As an investor, it may not have any chance to buy into a good company when the market situation is good," Leung said. He added that it isn't necessary for large investors to wait until the market has bottomed out. "For a large investor, it may not necessarily look at the near-term trend of the market for bargain hunting. Instead, it should see whether the company it's going to invest in has good prospects in the long run," said Leung. He said though the value of CIC's investment in Blackstone has fallen, people ought to look at CIC's long-term performance. A transcript of Leung's comments was posted on the forum's Web site. -Victoria Ruan contributed to this story, Dow Jones Newswires; 8610 6588-5848; victoria.ruan@dowjones.com
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