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China Sovereign Fund Buys $1.75 Billion Construction Bank Stake

China Investment Corp., the country’s sovereign wealth fund, bought $1.75 billion of shares in China Construction Bank Corp., increasing state control of the second-largest Chinese lender by market capitalization.

CIC bought 2.76 billion shares at an average price of $0.634 off the exchange on Nov. 14, according to a disclosure filing to the Hong Kong stock exchange yesterday that didn’t identify the sellers. That increased CIC’s stake to 60.46 percent from 59.31 percent.

Bank of America Corp., the second-biggest U.S. lender by assets, said this past week it plans to bolster capital by selling 10.4 billion shares of Construction Bank this month in private transactions for a profit of about $1.8 billion, leaving it with a 1 percent stake.

Foreign investors including Bank of America, Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc have trimmed more than $25 billion of holdings in Chinese lenders since the beginning of 2009, according to data compiled by Bloomberg.

Temasek Holdings Pte. bought about a third of the stock that Bank of America is selling at HK$4.93 apiece, two people familiar with knowledge of the matter said on Nov. 16.

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