The Australian, 19 Mar 2009, The Wall Street Journal
CHINA has moved to prevent the sale of state-owned stakes in financial companies at below-market prices.
Beijing took the step following complaints that state-owned banks in China had sold stakes to foreign investors and employees too cheaply.
Some critics said the prices paid by Bank of America and Temasek Holdings for shares in China Construction Bank were too low. The shares were sold for a total of $US5.4 billion ($7.97 billion) as part of a massive initial public offering by the state-owned bank in 2005.
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