"There are many good opportunities in China, and you have to be selective," Schwarzman said. "For instance, the mobile Internet brings revolutionary changes to the world, and the situation is more obvious in China".

By March 31, Blackstone had $272 billion in assets under management, and its net profit in 2013 totaled $3.5 billion.

Blackstone Group acquired Hong Kong-listed Tysan Holdings on Jan 3, paying HK$1.64 billion ($211.5 million) for 65.5 percent of the shares. It increased its shares in the property developer on Jan 7-8 to 71 percent.

In addition, Blackstone purchased 40 percent of Szitic Commercial Property Co Ltd, one of China's largest shopping mall developers and operators, SCP said in November.

Chinese firm CIC close to deal for purchase of London office park

Is glut developing in retail building sector?

To cope with China's growth surge, as much as $2.5 trillion may need to be spent on land and warehouses over the next 15 years.

According to Jeff Schwartz, co-founder of Global Logistic Properties Ltd, the biggest foreign builder of logistics facilities in China, "over the next 15 to 20 years, the real cost of building warehouses is going to be staggering."

That has drawn the attention of private equity firms like Blackstone Group and Carlyle Group LP as they seek to benefit from an anticipated investment boom.

BIO

STEPHEN A. SCHWARZMAN

Stephen A. Schwarzman is chairman, chief executive officer and co-founder of The Blackstone Group LP. Schwarzman has been involved in all phases of the firm's development since its founding in 1985. The firm is a leading global asset manager with $272 billion in assets under management as of March 31.

Schwarzman is an active philanthropist with a history of supporting education and schools. Whether in business or in philanthropy, he has always attempted to tackle big problems and find transformative solutions.

In 2013, he founded an international scholarship program called Schwarzman Scholars at Tsinghua University in Beijing to educate future leaders about China. With funding of $350 million, the program is modeled on the Rhodes Scholarship and is the single largest philanthropic effort in China's history coming largely from international donors.

Schwarzman is a member of the Council on Foreign Relations, the Business Council, the Business Roundtable and the International Business Council of the World Economic Forum.

He serves on the boards of the Asia Society, the New York City Partnership and the School of Economics and Management at Tsinghua University.