Temasek Holdings has raised $3.6 billion by selling stakes in Chinese banks, The Wall Street Journal reports. The Singapore state investment fund sold 49% of its shares in Bank of China and 8% of China Construction Bank.
Temasek unit Fullerton Financial Holdings sold 5.188 billion shares in Bank of China through placements, raising $2.42 billion, adds AFP. Cairnhill Investments and Crescent Investments, two other Temasek units, sold 1.502 billion shares in China Construction Bank to raise $1.2 billion.
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