A Chinese life assurer headed by a relative of Mao Zedong has become the largest single shareholder in Sotheby’s, taking a 13.5 per cent stake in the auction house.
Taikang Life, one of China’s largest insurance groups with net assets of Rmb33bn ($5bn), revealed yesterday that it had paid $230m for 8m shares in the New York-based auction house. The shares were purchased on the open market during June and July.
Cheng Dongsheng, who founded and runs the life assurer, is a grandson-in-law of Chairman Mao and the largest shareholder of China Guardian Auctions, a leading art auction house.
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