Blackstone IPO

It's clear that Chinese government has not got the return it had expected in Blackstone's IPO. To be fair, 80% of the investment universe would have guessed the other way.

The long term return on that investment would largely depends on how the tax bill unfolds and how long the favourable borrowing environment persist.

Investments made in the other way are generally more successful. For example, Goldman's 5% stake in ICBC and BOA's 10% investment in China Construction Bank