Blackstone Group Hires New China Chairman

HONG KONG—Private-equity firm Blackstone Group LP said Saturday it has hired Zhang Liping, a senior Credit Suisse Group AG banker, to head its operations in China.

Mr. Zhang, who served as co-chief executive of Greater China at Credit Suisse, will become a senior managing director and chairman of Greater China at Blackstone, the private-equity firm said in a statement. He will manage senior relationships for Blackstone in China, fulfilling a role left vacant since Antony Leung decided to leave Blackstone in 2013 for a senior role at a Hong Kong property company.

Blackstone's new China chairman is a well-known banker in the country, having led a number of initial public offerings by major Chinese state-owned companies. He played a key role in forging relationships on the mainland, including helping Credit Suisse setup its China investment banking joint-venture.

Blackstone counts China's sovereign-wealth fund, China Investment Corp., as a major investor. It has a number of property and private-equity investments across the country.

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