Patience has always been a much-needed asset when transacting business in China. US-based private-equity firm Carlyle Group has proved it has this sort of staying power. In October, Carlyle announced the acquisition of 85% of Xugong Group Construction Machinery Co Ltd from the city government of Xuzhou, Jiangsu province, for $375 million in cash. XGCM manufactures heavy plant and machinery for the construction industry.
The sale of XGCM was conducted through the local asset exchange and entailed a two-stage bidding process among six international bidders.
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