美私人股本凯雷即将入股中国私企

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The Carlyle Group, whose attempts to invest in a state-owned chemical producer and a bank in China were frustrated this month, is close to sealing a deal for a stake in a hotel management company there
As private equity firms shift attention to the Chinese private sector, the government, which is taking an increasingly tough approach to foreign buy-outs of state firms, has not erected similar barriers in the dynamic and growing private sector.

“I think all foreign funds will realise it is not the best use of their time and resources to try and invest in state-owned enterprises in China,” one international private equity executive said. “Compared to just a few years ago, private companies are now generally much bigger and easier to do deals with.”

A plan by Carlyle to invest close to $100m in Kaiyuan Group。a private hotel management company, looks set to go ahead. It follows the $65m purchase of 26 per cent of a Chongqing-based fibreglass manufacturer and an $80m deal for a 49 per cent stake in a steel pipe maker.

The deadline for Carlyle to firm up a deal for a stake in Shandong Haihua,
a chemical producer, expired last week. Industry executives said the main problem was that Haihua, as a listed state-owned enterprise, was subject to strict government valuation restrictions.

Carlyle has had a well-publicised series of problems in its efforts to invest in state-owned companies.

Its $375m planned takeover of Xugong Construction Machinery, China's largest crane and digger producer, provoked political opposition and forced the firm to reduce its proposed stake from 85 to 45 per cent. The deal has still not been approved.

Carlyle has also been locked out of investments in two state-owned banks, Guangdong Development Bank (eventually sold to a consortium led by Citigroup) and more recently Chongqing City Commercial Bank.


私人股本集团凯雷(Carlyle Group)投资于中国国有化学品生产商和银行的努力本月均宣告失败，不过目前它已接近达成入股某家中国酒店管理集团的交易。

私人股本公司将注意力转向中国私营部门，而对外资收购国有公司态度日益强硬的中国政府，没有在充满活力且不断壮大的私营部门设置类似的障碍。

一位国际私人股本专家表示：“我想所有外国基金都将意识到，尝试投资中国国有企业，并不是对其时间和资源的最佳使用方式。与仅仅几年前相比，如今私营公司的规模通常都要大得多，也更容易达成交易。”

凯雷在私营酒店管理公司开源集团(Kaiyuan Group)投资近1亿美元的计划有望继续下去。在此之前，凯雷出资6500万美元购买了重庆一家玻璃纤维制造商26%的股份，还以8000万美元购买了一家钢管公司49%的股份。

凯雷入股化学品生产商山东海化(Shandong Haihua)的交易在上周超过了最后期限。业内专家表示，主要问题在于，作为一家国有上市企业，山东海化要遵守政府对国有股转让价格的严格限制。

在凯雷投资中国国有企业的努力中，已遭遇一系列广泛报道的问题。

该公司曾计划出资3.75亿美元，收购中国最大的起重机和挖掘机生产商徐工机械(Xugong Construction Machinery)，但该计划引发了政治上的反对，公司被迫将拟收购股份从85%减至45%。目前该交易仍未获批。

凯雷还被排除在投资于两家国有银行的大门之外，一家是广东发展银行，该行最终出售给了花旗集团(Citigroup)牵头的一个财团；另一家是最近的重庆城市商业银行。