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Goldman Sachs applied to take majority stake in China joint venture

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Goldman Sachs Group Inc. said on Wednesday it had applied to boost the stake in Goldman Sachs Gao Hua Securities Co. - its investment banking joint venture in China - to 51 per cent, the maximum permitted, from 33 per cent previously.

Beijing Gao Hua Securities Co., controlled by veteran Chinese banker Fang Fenglei and Legend Holdings, currently owns 67 per cent of the JV.

Taking full control of its China business would bring the New York-based firm closer to former . . .

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