China Sells Stake in Blackstone as Deal Scene Turns Sour<br />Mr. Schwarzman called it “a paradigm shift in global capital flows.”<br />had bought the stake ahead of Blackstone’s 2007 public offering, making it one of the<br />firm’s biggest shareholders with more than a 9 percent stake in the public stock.<br />China Investment Corporation, China’s sovereign wealth fund, has sold its stake in Blackstone<br />Group, the American private equity giant, the latter said in a recent filing.<br />By ALEXANDRA STEVENSONMARCH 14, 2018<br />At a time when deals between American and Chinese companies are on the rocks, an early example<br />that united a major Wall Street deal maker with the Chinese government has come to an end.<br />The C. I.C.-Blackstone tie-up was seen as a notable moment in business relations between the United States and China when it was struck in 2007.<br />“We continue to expand this important relationship as one of C. I.C.’s major asset managers and look forward to working closely together.”<br />did not respond to a request for comment.<br />deal represented the first time that China was investing some of its foreign reserves in something other than United States Treasury bills.
