Report says China seeks big stake in Facebook

China is seeking to buy a large stake in Facebook, Business Insider reported yesterday, citing a source at a fund that buys stock from former Facebook employees.

The source said that he was approached by the Chinese side, who hopes to see if he could help put together a stake large enough "to matter," the website reported.

Business Insider quoted a second source as saying that there is a rumor going around Facebook that Citibank is trying to acquire as much as US$1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds – China's and another from the Middle East.

Representatives from Facebook and Citibank declined to comment, according to the website.

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