Singapore’s state-owned investment company, Temasek Holdings, has bought nearly one-third of the 10.4 billion shares that Bank of America Corp (BoA; BAC.NYSE) sold in China Construction Bank (CCB; 601939.SH, 0939.HKG), The Wall Street Journal reported, quoting people familiar with the situation. The purchase increased Temasek’s stake in the Chinese bank from 8.1% to just under 10%. The remaining shares were purchased by Chinese state-owned entities, a signal of Beijing’s support for Chinese banks. It is unclear which state-owned firms purchased shares. BoA announced the sale, part of its ongoing efforts to shore up its balance sheet, late Monday. The sale was expected to generate an after-tax gain of US$1.8 billion for the American bank and cut its holdings in CCB to roughly 1%.