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Finance

Goldman to take majority stake in China joint venture

Wall Street titans move closer to controlling operations on the mainland

Goldman Sachs, Morgan Stanley and JPMorgan all have made moves to take control of their joint ventures in China after Beijing eased regulations.   © Reuters

NEW YORK -- Goldman Sachs intends to take a majority stake in its Chinese joint venture, the latest from Wall Street to seek expansion in the country's financial sector after Beijing loosened restrictions.

The venture, Goldman Sachs Gao Hua Securities, is currently 33% owned by the Wall Street firm. Its application to change the shareholding structure was received by the Chinese Securities Regulatory Commission on Monday, the agency's online portal shows.

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