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China wants to buy a huge chunk of Facebook, a source at a fund that buys stock from former Facebook employees tells us.
This source learned of China's interest when it approached him to see if he could help put together a stake large enough "to matter."
Separately, a second source tells us there is a rumor going around Facebook that Citibank is at this very moment trying to acquire as much as $1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds – China's and another from the Middle East. Another source from an investment bank that is very influential in Silicon Valley says he's also heard a rumor about Citibank's interest on behalf of China.