AIG to sell up to $500 mln in PICC Property and Casualty stock -IFR

HONG KONG, March 30 (Reuters) - U.S. insurer American International Group Inc launched on Monday the sale of up to $500 million in shares in PICC Property and Casualty Co Ltd., IFR reported, citing a term sheet for the deal. AIG is offering 254 million shares of PICC in an indicative price range of HK$15.00 to HK$15.48 each, putting the total deal at HK$3.93 billion. The price is equivalent to a discount of up to 5.1 percent to Monday's close of HK$15.80. ($1 = 7.7540 Hong Kong dollars) (Reporting by Fiona Lau of IFR; Writing by Elzio Barreto; Editing by Alan Raybould)