Carlyle to invest $30 mln in China flooring firm http://today.reuters.com/investing/financeArticle.aspx?type=newIssuesNews&storyID=2006-03-29T060019Z_01_SHA140956_RTRIDST_0_FINA
Wed Mar 29, 2006
SHANGHAI, March 29 (Reuters) - U.S. buyout firm Carlyle Group plans to invest $30 million in Shanghai Anxin Flooring Co. Ltd., a source with the Chinese company said on Wednesday.
Shanghai-based Anxin Flooring, which says it is China's largest manufacturer of solid wood flooring, also aims to make an initial public offering of its shares in Hong Kong next year, the source told Reuters.
Foreign private equity firms are flocking to invest in everything from tourism to property in China.
Anxin Flooring booked 120 million yuan ($14.9 million) in net profits in 2005, the source said.
Carlyle has been at the forefront of the Chinese private equity market, which is also being stalked by rivals like Kohlberg Kravis Roberts & Co. and Warburg Pincus.
It agreed in October to buy 85 percent of China's biggest machinery company, Xugong Group Construction Machinery Co. Ltd., for $375 million.
And the U.S. investor announced in December it would spend $410 million with U.S. insurer Prudential Financial Inc. (PRU.N: Quote, Profile, Research) for nearly 25 percent of China Pacific Life Insurance. ($1=8.0268 yuan)
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