Blackstone (BX) has made its first major investment in the booming Chinese housing market after agreeing to a deal with one of Hong Kong’s largest property developers to build luxury apartments in the country. The US private equity group has agreed to back the development by Great Eagle of more than 1,000 new homes in Dalian in Liaoning, a coastal city and port in northern China. The investment comes during an unprecedented boom in housing prices in China, with analysts fearing that recent record gains could fuel an unsustainable and debt-fuelled asset bubble. – FT
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