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. Last Updated: 07/27/2016

Blackstone Moves into China

BEIJING -- Blackstone Group bought a stake in a Chinese chemical company Monday in its first deal in the country since a Chinese government fund bought into the U.S. private equity firm.

Blackstone paid $600 million for 20 percent of state-owned China National BlueStar (Group) Corp., the two companies said in a statement.

The deal, which the companies said required regulatory approval, cements Blackstone's status as a key player on the mainland.

The investment was a relatively large one for a country where regulators have been reluctant to allow sales of big stakes in government companies to foreigners. Efforts by Blackstone rivals Carlyle Group and Goldman Sachs Group's private-equity division to invest in Chinese firms have been hindered by China's approval process and rising valuations for assets.

A government fund that is to invest part of China's foreign reserves abroad paid $3 billion in May for a stake in Blackstone.

China National BlueStar is a unit of China National Chemical Corp., a state-owned enterprise better known as ChemChina.