Ah, China. A place where your best friend can compete with you on a day’s notice. Especially if you are not a card carrying member of the communist party.
Goldman Sachs (GS) is about to find out the hard way just how the game is played.
According to The Wall Street Journal, Goldman’s "China partner, Fang Fenglei, is moving forward with plans to set up a private-equity fund that could complicate his relationship with Goldman as both hunt for investments in China." Fang is chairman of investment banking joint venture, Goldman Sachs Gao Hua Securities. He will probably keep the title.
Fang has an important advantage. One of his new partners is a state-backed investment firm.
When the time comes for a private equity or investment banking deal to get done, who will have a finger on the scales? A big US bank based in New York City? Or, a firm which has a partnership with the Chinese government?
Douglas A. McIntyre
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