, China

China Investment Corp disposes most of BlackRock stake

China Investment Corp has sold most of its 3 percent stake in BlackRock Inc., which it bought a 3 percent stake for $1 billion in 2009.

CIC, China's $482 billion sovereign wealth fund has been gradually cutting down its holding in recent months, generating profits on the sales. This is part of a wider strategy to trim holdings in global financial institutions.

CIC bought the BlackRock stake at a discount to its then trading price of $178.50, the report said. The stock closed at $176.37 on Friday, valuing the company at $30.5 billion.

BlackRock and CIC are still on course to jointly launch a China-focused fund, expected to be running by the end of this year or early next year.

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