China Feeling The Heat Over Government's Underperforming Blackstone Billions

New York Times:

The first purchase by the Chinese government's new overseas investment fund, a $3 billion stake in the Blackstone Group, has produced an unusual public reaction within China.

Since Blackstone went public on June 22, the company's shares have fallen steeply, pushing down the value of the Chinese government's investment by more than $425 million in just six weeks.

Chinese bloggers, and even some financial media, have not taken the hammering lying down. They are assiduously tracking the dwindling value of the government stake, and some bloggers and postings in Internet chat rooms are bitterly questioning Beijing's stock judgment -- often in particularly Chinese terms.

Read the whole story: New York Times