Temasek raises almost $4b via stakes sale
It sold its stakes in China Construction Bank and Bank of China.
A Bloomberg report said the investment company sold about HK$18.8 billion of shares in Bank of China and about HK$9.4 billion in an offering of China Construction Bank stock.
“Shares of Chinese banks fell in Hong Kong trading yesterday after Moody’s Investors Service said banks’ loans to local governments may exceed official estimates by more than 3.5 trillion yuan ($540 billion) and the credit outlook for the industry could decline,” said the report.
View the full report here.