China Faces Public Backlash as Blackstone Investment Backfires – Keith Bradsher

The International Herald Tribune gives an update on the Blackstone deal:

The first purchase by the Chinese government’s new overseas investment fund, a $3 billion stake in the Blackstone Group, has backfired badly and produced an unusual public backlash within China.

shares have fallen steeply since the company went public June 22, pushing down the value of the government’s investment by more than $500 million in just six weeks. Bloggers and even some Chinese financial media have frequently mentioned the dwindling value of the government’s stake, and some have been highly critical. [Full text]

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