China is attracting renewed interest from private equity groups after a series of highly profitable deals that have marked a sharp turnround from the previous poor record in the country by buy-out firms.
“For years there has been growth in China but it has been profitless growth,” says Jonathan Zhu, co-head of Asia for Bain Capital in Hong Kong. “But in recent years, we have seen growth with real profits.”
Carlyle Group is expected to make as much as $5bn or six to seven times its money as it exits from its $750m investment in China Pacific Life, which listed last December in a $3bn initial offer in Hong Kong.
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