Its Blackstone interest will be just under 10 percent and is part of a trend, Blackstone co-founder Stephen Schwarzman said, of China's investment plans.
China will learn how to structure and value private equity deals, as well as gaining a network of well connected people, said James Oberweis, president of Oberweis Asset Management Inc., who oversees an $800 million China fund.
"The Blackstone deal is as much about education on how to invest as it is about the actual investment itself," Oberweis said. "From the perspective of Blackstone, what better way to increase your penetration into the fastest-growing, major economy in the world than to have that government invested in you?"
The Blackstone stake may be the beginning of a trend of buying binge by China in US companies.
The Chinese insisted that they do not want any voting power in the Blackstone board.