State shares in big banks could be sold

Beijing may sell its shares in the Bank of China and the China Construction Bank during public listings of the two banks in a rare move to sell state-owned assets, according to a People's Bank of China official. The sale of the shares, held by government-controlled Central Huijin, would require approval from the China Securities Regulatory Commission. Analysts said that no date had been set for the share sales and that it was unclear whether share sales would also extend to other state-owned banks. A program to sell state-owned shares drawn up in 2001 raised investors� fears of excess shares entering the market and led to a three year slump in mainland stock indexes.