China’s sovereign wealth fund has sold its stake in Blackstone, ending an 11-year holding in the US private equity group that was one of Beijing’s early attempts to broaden its international investments.
Neither Blackstone nor Beijing disclosed why the China Investment Corp gave up its stake, which amounted to 9.9 per cent of Blackstone when it was acquired in 2007 for $3bn.
But the move comes amid mounting tension between Washington and Beijing over international economic policy, with the White House citing China’s export and trade policies as threats to the US’s economic future.
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