Bank of America sells shares of China Construction Bank

Bank of America Corp has sold $2.8 billion in shares of China Construction Bank Corp shares.

The sale was confirmed by several reports which citing a viewed sales term sheet.

Bank of America sold 5.62 billion shares at HK $3.92. The sale reduces BofA's stake from 19.1 percent to 16.6 percent.

After the sale China Construction Bank shares closed down 8.8 percent at $4.06, dragging Hang Seng Index by 3.4 percent.

There are reports that other US and European institutions are considering selling some of their stakes in Chinese banks to raise money.