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Goldman, Temasek Said to Invest in Shanda’s Cloudary

Goldman Sachs Group Inc. and Temasek Holdings Pte agreed to buy a minority stake in China’s Cloudary Corp. at a 25 percent lower valuation than in a previous funding round, said two people with knowledge of the matter.

The private placement values the operator of literary websites at about $600 million, less than an earlier valuation of $800 million, the people said, asking not to be identified because the information is private. Cloudary is controlled by Shanda Interactive Entertainment Ltd.