This time, however, CIC will buy shares in the open market, where Blackstone is trading at a fraction of the price CIC paid in the spring of 2007 just prior to Blackstone's listing.
By buying shares at greatly reduced prices, CIC is cutting the average cost of its investment. While its original agreement with Blackstone binds the Chinese to hold shares for four years, any new purchases have no such restrictions.
At the close in New York, Blackstone shares were trading at $9.54. CIC originally paid over $29 a share, a slight discount to the IPO price.
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