Blackstone Group is going to establish its first regional Renminbi denominated private equity fund in the Shanghai Pudong New Area – the Blackstone Zhonghua Development Investment Fund. It is expected to raise approximately RMB5 billion and give priority to investments in Shanghai and neighbouring areas.
Sources close to the project suggested that the investment by Blackstone will serve as a good example for other financial institutions and equity investment enterprises, intending to invest in Pudong.
Mr. Lin Xu, Standing Member of the Shanghai Party Committee and Party Secretary of Pudong New Area, commented: The selection of Pudong New Area as its partner in the establishment of the Blackstone Zhonghua Development Investment Fund clearly demonstrates Blackstone and its Greater China team’s support and confidence in the future development of Pudong. In addition, Blackstone’s presence will both contribute to Pudong’s effort in developing an international finance centre and shipping centre in Shanghai and play a significant role, as a financial service provider, in encouraging economic transformation in and upgrading industrial capabilities of Pudong.
