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China Investment Corp. sells stake in Blackstone

Chinese sovereign wealth fund China Investment Corp. divested its stake in U.S.-based private equity firm Blackstone Group LP, the Financial Times reported.

CIC acquired a 9.9% stake in Blackstone for US$3 billion in 2007, and had since bought and sold stakes in the company following its original purchase.

The fund had been gradually off-loading its stake in Blackstone in the past 18 months, the report said, citing people from both sides. It is not known how much CIC owned in Blackstone at the time of the disposal.

The move comes amid increasing trade tensions between Washington and Beijing. However, a senior executive at the fund said CIC had been gradually off-loading its stake in Blackstone mostly before U.S. President Donald Trump took office.

Blackstone announced the sale in a regulatory filing in the week of March 5. A spokesperson for CIC declined to comment on the report.