英语翻译全文如下：International private equity funds facing ever more intense competition for deals in China are considering a new tactic – raising local currency renminbi funds,possibly in partnership with pools of local capital.Among tho

英语翻译全文如下：International private equity funds facing ever more intense competition for deals in China are considering a new tactic – raising local currency renminbi funds,possibly in partnership with pools of local capital.Among tho
英语翻译
全文如下：International private equity funds facing ever more intense competition for deals in China are considering a new tactic – raising local currency renminbi funds,possibly in partnership with pools of local capital.
Among those examining the prospect,albeit in a preliminary way,are Carlyle Group,TPG and investment firms in Singapore and Hong Kong,bankers say.
China does not yet have the legal framework to allow a viable onshore structure so all international funds and even most Chinese-owned and operated funds are set up using an offshore investment vehicle and foreign currency.
But the government has repeatedly said it wants to encourage a vibrant domestic private equity industry and laws and regulations are being prepared to encourage renminbi-denominated funds and even allow Sino-foreign joint ventures.
The global credit crisis has increased the cost of capital for private equity deals in developed markets and helped renew international funds’ interest in China.
“The ongoing crisis in developed markets has shifted the focus to China and it is very easy for funds to raise money for China-specific investments,” says Danny Po,head of M&A tax services in China for PWC.“It is a seller’s market right now,with a shortage of good targets and no shortage of funds.”
While international funds previously competed mostly with each other,they will soon have to go up against a slew of domestic funds that are raising money from the bulging coffers of local investors.
“These domestic private equity firms will be huge competition for the foreign firms,” says Jack Lange,a long-time partner in the Hong Kong office of Paul,Weiss,Rifkind,Wharton & Garrison.“They will have better contacts both in business and government ...it makes more sense to team up than compete head to head.”
There are,potentially,considerable advantages to establishing these new funds.Private equity executives studying the idea say they expect local currency funds to encounter fewer regulatory barriers to close deals and that the approval process will be swifter.
In addition,one of the challenges cited in a speech in Hong Kong yesterday by David Rubenstein,co-founder of Carlyle Group,is that of finding new investors to fund the industry.
Local renminbi funds can tap the burgeoning investor base in China,which would help to give foreign firms a local face.

英语翻译全文如下：International private equity funds facing ever more intense competition for deals in China are considering a new tactic – raising local currency renminbi funds,possibly in partnership with pools of local capital.Among tho
国际私人股权投资基金面临着更激烈的竞争在中国的配套正在考虑一个新的策略-提高当地货币的人民币资金,这可能与当地资本池.
在这些研究的前景,尽管在初步顺便提一句,凯雷集团, TPG和投资公司在新加坡和香港,银行家表示.
我国还没有法律框架,使一个可行的陆上结构,所有的国际资金,甚至大多数华人拥有和经营的资金设立的境外投资使用的车辆和外币.
但政府一再表示,它希望鼓励一个充满活力的国内私人股本行业的法律和规章,并正在拟订鼓励人民币计价的基金,甚至允许中外合资企业.
全球信贷危机增加了资本成本的私人股权交易在发达市场,并有助于恢复国际资金的兴趣中.
“目前的危机在发达国家市场的焦点已经转移到中国,并很容易的资金,募集到的资金中具体的投资, ”丹尼说,大埔,负责并购税收服务中的预委会. “这是一个卖方市场,现在短缺的良好指标,也没有资金短缺. ”
虽然国际资金的竞争主要是以前彼此,他们不久将去面对一系列的国内资金的筹集资金的凸出金库的本地投资者.
“这些国内私人股本公司将是巨大的竞争,外国公司说, ”杰克兰格的长期合作伙伴在香港办事处的保罗,韦斯,金德,沃顿商学院与驻军. “他们将有更好的接触,无论在企业和政府. . .它更有意义队比竞争头对头. “
也有一些潜在的,相当大的优势,建立这些新的资金.私人股本高管学习的想法说,他们预计当地货币资金遇到更少的监管障碍,完成交易,并在审批过程将是迅速的.
此外,面对的挑战之一,在一次讲话中提到在香港昨天戴维鲁宾斯坦,共同创办人凯雷投资集团,就是寻找新的投资者对基金行业.
当地人民币资金可以开拓新兴的投资基地,这将有助于使外国公司当地的脸面.