When the Blackstone Group LP (NYSE: BX) went public a year ago, the Chinese government invested $3 billion in the firm. No doubt, this was a sign that Blackstone was ready for lots of dealmaking.

But so far, things have been underwhelming. One of the deals was for a mere $600 million for a 20% stake in China National Bluestar Corporation (a chemicals company). There was also the $160.7 million purchase of a commercial building in Shanghai.

However, Blackstone isn't giving up. In fact, today the company announced the opening of its Chinese office in Beijing. The chief of the operation will be Fu Shan who was formerly the VP of Beijing Mainstreets Investment Group Corporation (which focuses on real estate deals). He also has extensive background with governmental divisions, such as the National Development and Reform Commission (NDRC).

Blackstone realizes that China requires more than just money and deal structuring. There needs to be staff that has deep experience in dealing with the intricacies of the country. Even with this, the dealmaking is still likely to be a slog.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.