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China’s Taikang Life takes stake in Sotheby’s

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A Chinese life insurance company run by the grandson-in-law of Chairman Mao Zedong purchased a 13.5 percent stake in British auction house Sotheby’s.

Taikang Life Insurance Co. is now the largest shareholder of Sotheby’s.

The company now owns Sotheby’s shares worth around $233 million.

Read more from The Wall Street Journal.

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