[photopress:Ho_Ching.jpg,full,alignright]Singapore investment firm Temasek Holdings has been shifting more of its investment from financial service sector to China’s fast-growth sectors such as residential real estate and renewable energies in the past year.
Temasek Holdings is the investment arm of the Singapore government and is owned 100% by the Ministry of Finance. Its Chief Executive, Ho Ching (seen in our illustration), is the wife of Singapore’s current Prime Minister and Minister for Finance, Lee Hsien Loong.
The 2006 financial report of the company showed that it invested a total of $1.1 billion into China during the last financial year, mostly in housing projects, consumer products, energy and resources sectors as well as the initial public offering of the Bank of China.
Frank Tang, managing director and head of China investment for Temasek, said, ‘The Chinese market has always been an important part of Temasek’s overseas investment strategy.’
Among its many major investments is Country Garden, one of the country’s largest property developers, to back housing projects for the Chinese middle class.
Frank Tang said, ‘Rapid urbanization and fast rising disposable incomes of Chinese people are providing good opportunities for Temasek to invest in the real estate sector and consumer and lifestyle sectors.’ Temasek increased its stake in CITIC Resources Holdings to 11% to become the second largest shareholder after CITIC in the past year.
Souce: People’s Daily Online