Regions

Blackstone Group's Greater China Chairman Antony Leung is stepping down from his post. He will be joining the Hong Kong real estate developer Nan Fung Group Holdings Ltd as its Chief Executive Officer. This was confirmed by the two companies in a joint statement issued today.

Blackstone Chief Executive Officer Stephen Schwarzman wrote in an internal memo obtained by Bloomberg News that Leung had helped build some of the firm's most important relationships in China. Schwarzman also wrote that Leung will remain with the firm as a senior advisor and member of Blackstone's International Advisory Board.  Leung joined Blackstone in 2007.

During his stint, Bloomberg said Leung facilitated the USD 3 billion investment of China Investment Corp or CIC to Blackstone when it went public in 2007. The report also said China's sovereign wealth fund had raked in profits amounting to about USD 300 million from its Blackstone stake. In addition, Leung also aided Blackstone strengthening its ties with CIC and secure funding from institutional investors backed by the state for the private equity firm's global funds.

On November 11, a source also told Bloomberg that Blackstone was in discussions to negotiate a sale of Chiswick Park for USD 1.3 billion. One of the sources who had knowledge of the matter added that Blackstone had given CIC the exclusive rights to evaluate the London office development.

Leung helped Blackstone boost its acquisitions of Chinese real estate assets. The company is now looking to raise USD 4 billion for its Asia-focused maiden property fund.

Leung worked as Hong Kong's Financial Secretary for two years from May 2001 to July 2003. In 1996, he joined Chase Manhattan Corp, the forerunner of JPMorgan Chase & Co, as the Asia-Pacific Chairman before leaving in 2001. Before that, he worked for 23 years at Citicorp which later became Citigroup Inc.