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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Market

Bank of America CCB stake sale plan scuttled by Chinese rule

Posted on 19 December 2008

From Bloomberg: Bank of America Corp.’s plan to sell about $2.8 billion of shares in China Construction Bank Corp. was undone by a Chinese securities law provision that would have forced it to forfeit profits from the sale, two people familiar with the matter said.

Central Huijin Investment Co., a unit of China’s $200 billion sovereign wealth fund, has a controlling 57.06 percent stake in China Construction. The Chinese government has said it wants to keep absolute control of the nation’s biggest lenders….. Full Article: Source


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