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 [转帖]外汇投资公司"开山之作" 30亿美元投资黑石集团 |
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[转帖]外汇投资公司"开山之作" 30亿美元投资黑石集团 -- 科尔沁草原殿下 - (524 Byte) 2007-5-21 周一, 22:43 (1959 reads) |
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作者：BizDiggers 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Official: Chinese Investment Fund Hopes to Avoid Political Backlash
BEIJING (AP) -- A Chinese state fund that is buying a $3 billion stake in U.S. private equity firm Blackstone Group LP wants to avoid political backlashes when it makes other investments abroad, an official involved in the deal said Monday.
The new fund, created to invest a portion of Beijing's mountain of foreign reserves overseas, is expected to buy minority stakes in companies rather than pursuing outright takeovers, said Jesse Wang, chairman of government-owned Jianyin Investment Co., which represented Beijing in the deal with Blackstone.
Chinese companies have been uneasy about foreign acquisitions since the uproar in 2005 over state-owned oil company CNOOC Ltd.'s attempt to acquire U.S. oil and gas producer Unocal Corp. CNOOC dropped its bid after American critics said it might endanger energy security.
"Surely, we don't want to (get) involved in any kind of political concerns. Maybe the fund is sizable, and also people may worry that it's from China and a state investment vehicle," Wang told The Associated Press.
"Therefore, I think it will be always an issue that the new company must be very careful," he said. "Basically, I think they are going to have mostly commercial kind of investments, not involving sensitive investments."
The Blackstone deal, announced Sunday, marked the start of China's effort to diversify how it invests its $1.2 trillion in reserves, held now in U.S. Treasury securities and other safe but low-yielding assets.
It comes at a time of tensions with Washington over China's swelling trade surplus and unease in the United States and elsewhere over Beijing's growing economic and diplomatic might.
Senior U.S. and Chinese officials are due to meet in Washington this week for talks aimed at defusing trade tensions and keeping a key trading relationship on track.
Beijing announced plans for the State Investment Co. in March to improve returns on its reserves. The government has released no details of its planned size, but economists believe it could be allocated as much as $200 billion to $400 billion, creating one of the world's biggest investment funds overnight.
The company is likely to allocate money to other private equity funds or investment banks to invest in stocks and other assets worldwide, said Lan Xue, director of China research for Citigroup Inc.
"Any country that is sitting on a huge pile of financial reserves is going to start to adopt this way of managing their cash pile," she said. "So whether the U.S. likes it or not makes little difference to whether China is going to do it or not."
Chinese authorities say their investment company is modeled in part on Singapore's state-owned Temasek Holdings, which invests in banks, real estate, shipping, energy and other industries in Asia and elsewhere.
"We hope it can get into operation within this year," Wang said.
For now, China has no immediate plans for more investments like the Blackstone deal, which was made early because the company is moving toward a stock market initial public offering, Wang said.
Blackstone, founded in 1985, has recorded $400 billion in deals. Its holdings range from the Madame Tussauds wax museums to real estate company Equity Office Properties Trust.
The purchase would be concurrent with Blackstone's IPO, which is expected to raise between $3.87 billion and $4.13 billion.
China is buying nonvoting shares and agreed to limit its stake to no more than 10 percent of New York-ba<x>sed Blackstone. Wang said the Chinese fund wanted that arrangement to keep successful Blackstone managers in control. Asked whether Beijing ceded control to avoid inflaming U.S. political sensitivities, he said, "I don't think there is any political consideration, because it is a purely commercial investment."
As China's new State Investment Co. makes more investments abroad, the initial impact on U.S. financial markets should be small, Citigroup's Xue said. But she said Chinese purchases of Treasury bonds, a source of financing for U.S. government budget deficits, are likely to dwindle.
作者：BizDiggers 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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