American International Group Inc.'s efforts to divest business units seem to be picking up steam. A published report says AIG will sell 30% of its Asia-based American International Assurance (AIA) to a consortium of Chinese financial services firms.

An initial public offering of AIA on the Hong Kong stock exchange is planned for later this year. In March, a plan to sell AIA to Britain's Prudential Plc for $35.5 billion collapsed after Prudential shareholders balked at the price.

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