Blackstone Group opens new office in Beijing

U.S. private equity fund Blackstone Group announced Monday that it has opened an office in Beijing to further tap into the fast-growing Chinese market.

Fu Shan, former vice president of Beijing Mainstreets Investment Group, a Shenzhen-listed real estate investment firm, has been appointed as the office's chief representative, the firm said in a statement on its Web site.

Fu was also a former official with China's National Development and Reform Commission, the country's top economic planning agency, it said.

"The opening of our Beijing office and the appointment of Shan further underlines our deep commitment to China and the Chinese market," said Stephen Schwarzman, chairman and co-founder of Blackstone, in the statement.