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Blackstone, in which a Chinese State investment agency owns a $3 billion stake, aims to buy between 20 and 40 percent of BlueStar, the Journal reported, citing unnamed private equity fund managers.

Market watchers believe Blackstone, which raised $4.1 billion in a New York listing late last month, will have an easier path to making acquisitions in China since the government agency invested in the firm.

(For more biz stories, please visit Industry Updates)