Publicly listed alternative asset manager The Blackstone Group has set up its first office in mainland China, in Beijing. It has appointed Shan Fu as the chief representative of the Beijing office.
Fu joins Blackstone from Beijing Mainstreets Investment Group, a Chinese property developer. Prior to working at Beijing Mainstreets, Fu worked at several state administrative bodies including China’s National Development and Reform Commission, the State Economic and Trade Commission of China, the Office of Economic and Trade in State Council of China and the Office of Production of the State Council of China.
Stephen Schwarzman, Blackstone chairman and chief executive, said in a statement that the setting up of the Beijing’s office and Fu’s appointment “underlined our deep commitment to China and the Chinese market”. Schwarzman two months ago revealed the firm's intent to move into mainland China, saying at a New York conference that Blackstone had signed a lease for Beijing office space.
Blackstone has been increasing its presence in the Asia Pacific of late. Last year, it appointed Antony Leung, former Hong Kong financial secretary, in its new office in Hong Kong to head the group’s business in Greater China.
Leung said: “We see tremendous opportunities both in China and to partner with Chinese companies outside of China. The opening of our Beijing office and the appointment of Shan gives us another great resource to take advantage of those opportunities.”
Blackstone’s other Asian offices are located in Hong Kong, Mumbai and Tokyo.
Swiss alternatives manager Partners Group and global private equity firm CVC Capital Partners are among other firms that have launched offices in Beijing this year, while Apax Partners has revealed plans to establish an office in the Chinese capital as well.