Biz Scene: Grapevine

Talks with equity firms

Three of the biggest US private equity firms have held preliminary talks about selling minority stakes to China's Social Security Fund, the Financial Times reported yesterday.

The fund, which had $61.5 billion in assets at the end of June, has held discussions with the Carlyle Group, Kohlberg, Kravis, Roberts & Co and TPG, the report said, citing sources. It said negotiations would focus on the possibility that the Chinese fund would take a stake of up to 9.9 percent in one of the US firms.

Stock sale

A Hang Lung Properties Ltd shareholder aims to raise HK$390 million from selling stocks of the company, Hong Kong's third-biggest developer by market value, Bloomberg reported yesterday.

Some 10.3 million shares are being offered at HK$37.90 apiece by the institutional investor, according to an e-mail sent to fund managers by UBS AG, which is managing the sale. The seller was not identified in the e-mail.

(China Daily 10/31/2007 page15)