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主题: VC系列: Carlyle stakes to top US$1b on China spree
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作者 VC系列: Carlyle stakes to top US$1b on China spree   
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文章标题: VC系列: Carlyle stakes to top US$1b on China spree (1706 reads)      时间: 2004-10-29 周五, 20:06      

作者:游客海归商务 发贴, 来自【海归网】 http://www.haiguinet.com

Friday, October 8, 2004
Carlyle stakes to top US$1b on China spree

BLOOMBERG
Carlyle Group, the world's third-largest buyout firm, plans to increase investments in China to more than US$1 billion as the pace of state asset sales picks up and more private start-ups seek capital.

The Washington-based fund, which has US$150 million invested in China, aimed to have as much as 60 per cent of the assets of its Asian funds invested in the country within a "few years", said Wayne Tsou, head of Asia ventures.

China investments will be made by three Asian funds, which plan to more than double their assets in the next year from US$1.1 billion currently.

Carlyle, with more than US$18 billion under management, is expanding in the world's fastest-growing major economy as the government accelerates the sale of state companies. It faces competition in the nation from Warburg Pincus, H&Q Asia Pacific and other overseas buyout firms.

Carlyle, chaired by former International Business Machines chief executive Louis Gerstner and with former US secretary of state James Baker among its advisers, opened an office in Shanghai in April to focus on buyouts, venture capital and real-estate investments.

It might pay as much as US$400 million for a 24.9 per cent stake in China Pacific Life Insurance, the nation's third-largest insurer, sources involved said in March. It was negotiating "several similar projects", Mr Tsou said.

China is trying to boost efficiency at state companies as it further opens its economy to foreign competition. The government is scheduled to lift restrictions in the banking, insurance and retail industries in the next two years to meet pledges made on joining the World Trade Organisation in 2001.

"This won't be a long-term opportunity," said Mr Tsou. He forecast that state industry would shrink to 10 per cent of the economy within five years, from about one-third now.

China's economy grew 9.7 per cent in the first half of this year, the fastest pace of the world's 20 biggest economies. The Hang Seng China Enterprises Index, which tracks H shares, has doubled in the past five years in US dollar terms, the sixth-best performing of the world's 60 major indices.

Still, Carlyle is expanding in a market that has disappointed some foreign investors. Lone Star Funds plans to close its Beijing office because of a shortage of deals, the Financial Times reported last week.

Mr Tsou declined to comment on the Pacific Life talks or identify other investment targets.

China's government plans to sell an estimated US$50 billion of bank, insurance, power, phone and other assets in the next decade.

Chih Wang, a manager at H&Q Asia Pacific, said: "It's an opportunity to buy now as the government is increasingly pulling out of state companies."

So far Carlyle has focused on high-growth private companies in China. Besides a US$750 million Asian buyout fund set up in 1997, the company has two venture capital funds totalling $323 million that were set up in 2001 and 2002.

The company made a 13-fold return on its investment in Ctrip.com International, a Shanghai-based airline ticket and hotel reservations company.

"A few years ago there was still doubt whether it would be profitable investing in China," Mr Tsou said.

"In recent years, it has become obvious that one really can make money."



作者:游客海归商务 发贴, 来自【海归网】 http://www.haiguinet.com









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