Blackstone CEO sees 'excess' in Chinese stock market

New York

BLACKSTONE Group LP's Steve Schwarzman said the Chinese stock market shows signs of excess as the population ploughs savings into it while economic growth slows.

"We're now finding retail investors with multiple brokerage accounts and margin loans and indicia of some excess in their market system," Mr Schwarzman, Blackstone's co-founder and chief executive officer, said on Tuesday at the China General Chamber of Commerce's Finance & Real Estate Forum in New York. "The stock market's really humming."