Blackstone Group LP has hired Liping Zhang as its chairman for Greater China as private-equity deals boom in the region, the U.S.-based firm said on Saturday, confirming an earlier Reuters story.Zhang, who mostly recently served as the co-chief executive officer for Greater China at Credit Suisse, will help Blackstone to expand its presence in the region, the statement added. Blackstone manages more than $300 billion globally and is one of the world's biggest real estate investors.Stephen A. Schwarzman, Blackstone co-founder and CEO, said Zhang's appointment underscores the strategic importance of Greater China to Blackstone. Zhang has more than 30 years of financial industry experience, the statement added.
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager and provider of financial advisory services. Shares of BX traded higher by 0.98% or $0.4/share to $41.32. In the past year, the shares have traded as low as $26.56 and as high as $44.43. On average, 4283780 shares of BX exchange hands on a given day and today's volume is recorded at 2421234.