Rules on foreign-invested partnerships, which take effect on 1 March, have disappointed many in the private equity industry. However, the conspicuous absence of the Ministry of Commerce (MOFCOM) from the rules may point to a change in the regulation of foreign investment as a whole.
By Robin Weir
In January, the US private equity firm Carlyle unveiled plans to establish a Renminbi-denominated investment fund in partnership with the Beijing municipal government. The size of the fund was not announced, but Carlyle claimed that it would be “entitled to preferential treatment” from the authorities in the capital.
Carlyle’s announcement followed the news in August from its rival, Blackstone, of the creation of the Blackstone Zhonghua Development Investment Fund in partnership with the government of the Pudong New Area in Shanghai. The size of Blackstone’s fund is impressive: it is expected to raise and manage RMB5 billion (US$735 million).
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