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(Bloomberg) — American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty Co., China’s biggest non-life insurer.

AIG, the largest commercial insurer in the U.S., is offering about 254 million shares of PICC at HK$15 ($1.93) to HK$15.48 apiece, according to terms obtained by Bloomberg. The price range represents a 2% to 5.1% discount to PICC’s closing price of HK$15.80 in Hong Kong on Monday.

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