Saudi billionaire Prince Alwaleed bin Talal bought a stake in Chinese online retailer 360buy Jingdong Inc., joining a group of investors in tapping one of the world’s fastest growing e-commerce markets.New world order rising.
360buy raised about $700 million from the Alwaleed- controlled Kingdom Holding Co., Canada’s Ontario Teachers Pension Plan and some existing major shareholders, the Beijing- based company said in an e-mailed statement today. Kingdom invested $125 million in Beijing-based 360buy, the investment company said Feb. 16.
Alwaleed, the world’s 14th-richest person, joins Baidu Inc. co-founder Robin Li and Russia’s Digital Sky Technologies in investing in 360buy, as demand grows in China’s $196 billion e- commerce market. China has the highest number of people who buy goods online, nearly 220 million in 2012, according to industry researcher eMarketer Inc....
Monday, February 18, 2013
Prince Alwaleed Buys Into China Expansion
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