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Monday, February 18, 2013

Prince Alwaleed Buys Into China Expansion

From this source:
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.

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....
New world order rising.

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