NEW YORK (AFP) - Goldman Sachs is selling US$1 billion (S$1.23 billion) worth of shares it holds in the Industrial and Commercial Bank of China (ICBC), China's largest commercial banking group, a person close to the issue told AFP on Monday.

The shares were placed on the Hong Kong market Monday at HK$5.77, the source said.

Goldman's stake in ICBC was some 4.9 per cent in 2006, and has since been pared back.

The source would not say how much an interest in ICBC the US investment bank would retain after the newest sale.