6 billion stake sale another blow to China banks

The move, coming just buy canada goose jacket a day after ratings agency Moody warned of a possible downgrade for Chinese banks due to their higher than expected exposure to local government debt, pushed down shares of the Canada Goose Coats On Sale two lenders more than 3 percent in Hong Kong and triggered broad stock market weakness in the territory and in Shanghai.don like the Canada Goose sale Chinese banks, said Mark canada goose uk black friday Matthews, canadian goose jacket head of research in Asia for Swiss wealth manager Julius Baer, citing their exposure to local Canada Goose Outlet government debt. concern is that canada goose clearance sale they may freeze their dividends. There is speculation that Bank of America Canada Goose sale will sell off a majority of that stake.China Construction Bank Chairman canada goose store Guo Shuqing canada goose uk shop said he was not worried about Temasek sale and added he did not hear about Bank of America diluting its stake in CCB. [ID:nL3E7I60TU]Bank of China did canada goose black friday sale not issue any statement.With about $150 billion in assets under management as of March 2010, Temasek has emerged as a powerful global investor and played a big role in providing capital to banks Canada Goose Online during the financial crisis.sale will be closely examined by other long term investors and Canada Goose online is certainly a negative sentiment driver for H share prices in uk canada goose the near term, James Antos, analyst at Mizuho Securities, said in a report.Investors turned their focus to other possible block deals following Temasek surprise sell down. About 12.4 billion Canada Goose Parka shares worth more than $6 billion will come out of the one year canada goose clearance lock up on July 15.PROFITABLE EXITS Temasek move is reminiscent of late 2007, when it sold stakes in the two Chinese banks a few weeks ahead of its large stake purchase in Merrill Lynch, an investment that turned sour during the global financial crisis.The Singapore investor has been building its cash levels through profitable exits from canada goose factory sale some of its investments.Temasek owned about 7 percent of CCB and the sale of 1.5 billion Hong Kong listed shares would cut its holding canada goose coats on sale to just over 6 percent, according to Thomson Reuters data. Temasek would own about 6 percent of Bank of China outstanding Hong Kong shares after it sold 5.2 billion shares.sale is part of our portfolio rebalancing, which we do from time to time, said Temasek spokesman Jeffrey Fang. continues to hold substantial positions in Chinese banks.The stake sales come ahead of its annual review planned later this month and is a sign it is trying to cut exposure to the financial sector from 37 percent at end https://www.topcanadagoose.ca March 2010.Temasek portfolio probably rose in the most recent financial year for the second year in cheap canada goose uk a row, as it followed a cautious strategy of staying invested close to home, a path it has pursued since the financial crisis.The gains in Temasek portfolio are still likely to pale in comparison to the 43 percent surge seen in 2009/10 uk canada goose outlet when it recovered from the pain suffered during the financial crisis following billions of dollars of losses on Western banks.The state investor is also likely to formally respond to speculation that its chief executive Ho Ching may leave, which canada goose coats she recently denied in an internal communication to staff.Temasek may remain cautious in the near term due to lingering questions over who will succeed Ho as CEO, and a worsening global economic outlook, analysts said.is a transition period and during the transition period I think on average people normally do not want canada goose to take too many too big bets, said Michael Preiss, cheap Canada Goose chief equity strategist at Standard Chartered Bank.SALE COVERED canada goose uk outlet IN HOURS The Bank of China stake was sold at HK$3.63 a share, raisingHK$18.84 billion ($2.4 billion), while the CCB stake was sold at HK$6.26 a share, raising HK$9.39 billion, a source familiar with the matter told buy canada goose jacket cheap Reuters.Temasek bought a 10 percent stake in Bank of China in 2005 for $3.1 Canada Goose Jackets billion and invested $500 million in the bank through its initial public offering. It invested over $1 billion in CCB 2005 IPO.