is in talks with Shanghai's government to set up a subsidiary in China as part of plans to launch a local-currency private-equity fund,
reports, citing sources.
Blackstone's move comes about as Shanghai announced last week it soon would allow international private-equity firms to incorporate locally in China's financial hub so they could launch yuan-denominated funds to invest in Chinese companies,
Blackstone executives have received strong support from the Shanghai government over its plans. There are hopes that private-equity firm Blackstone could be the first foreign firm to make such a move,
reports, citing government and financial sources close to the situation.
A representative for Blackstone in China declined to comment for