Facebook's Blue turns Red: China to buy Facebook?

Beijing, Jul 5: While the Chinese Communist government continues its ban on Facebook, a latest report claimed that Beijing is interested in buying huge stake in Facebook, the world's largest social networking site.

According to a report in Business Insider, China's sovereign wealth fund - the China Investment Corp - approached a source that buys stock from former Facebook employees to buy Facebook stake large enough "to matter."

The report also added that Citibank is also trying to acquire as much as $1.2 billion worth of Facebook stock on behalf of two sovereign wealth funds, China's and another from the Middle East.

Facebook, which has nearly 700 million active users, is currently blocked to 400 million Chinese internet users. It's interesting to see China's desire in Facebook, while its Founder and CEO Mark Zuckerberg has been continuously trying to enter Chinese market.

The rumours on China's move on Facebook also alarmed its users as most of them are not happy with the move. Some of the users expressed their worries through social networking platform and microblogging site, Twitter. Users are concerned about the privacy and photos shared in their profiles.

OneIndia News