Morgan Stanley, JPMorgan Move Closer to Control of China Ventures
- China partners of the Wall Street Banks seek to sell stakes
- Comes as U.S., China to resume trade negotiations after G-20
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Morgan Stanley and JPMorgan Chase & Co. are moving closer to control of their joint ventures in China.
The Chinese partner of Morgan Stanley’s securities joint venture said on Tuesday it is selling a 2% stake for at least 376 million yuan ($55 million) and any potential buyer will have until July 29 to submit a bid. On Monday, JPMorgan’s local partner said it will cede control in its asset-management venture for 241 million yuan.