Temasek Raises $2.48 Billion Selling China Bank Shares

Temasek Holdings Pte., Singapore’s state-owned investment company, sold $2.48 billion of shares in Bank of China Ltd. and China Construction Bank Corp. less than a month after investing in their larger rival.

Temasek received about $1.24 billion selling 3.1 billion Bank of China shares at HK$3.13 apiece, and a similar amount divesting 1.6 billion shares in China Construction Bank at HK$5.99 each, according to documents seen by Bloomberg News. The shares fell by the most in six months and are the worst performers on Hong Kong’s benchmark Hang Seng Index.