How Blackstone Became China’s Real Estate Connection

In February 2017, Stephen Schwarzman toasted Wang Jian, co-chairman of HNA Group, at a charity event at Manhattan’s Park Avenue Armory. Wang lauded the billionaire Schwarzman as a “god of fortune” and a man with the “key to opening up the chest of treasures.” Fourteen months later, Wang has had an unexpected change in fortune—and Schwarzman and his Blackstone Group LP may be uniquely placed to unlock some of HNA’s real estate treasures.

Chinese authorities have moved to curb and unwind overseas investments by homegrown dealmakers including HNA, Anbang Insurance Group, and Dalian Wanda Group. At least one common thread in those companies’ deals has emerged: Each company found itself sitting across from Blackstone at the negotiating table, often more than once, as it executed its global spending spree.