新加坡主權基金(也是全世界最大單一主權基金)大賣持有的中國銀行(bank of china),還有中國建設銀行(China Construction Bank)的股票.why??請各位看看.大致推測:
1.中國公布地方銀行及政府的debt,超過預期,影響國有銀行的獲利及增加風險
2純粹是portfolio的分配.
給各位有投資大陸股票的同學做參考!!
Temasek Sends Signal on China Bank Risk By
TOM ORLIK How bad can things get for China's banks? Temasek Holdings isn't waiting around to find out.
The Singapore state investment fund, the biggest foreign investor in China's banking sector, has sold 49% of its shares in
Bank of China and 8% of its
China Construction Bank holdings for a total of US$3.6 billion. The timing rings alarm bells. Last week, China's National Audit Office announced that
the banking sector is exposed to some $1.3 trillion in local-government debt. Press reports then said local-government financing vehicles in Shanghai and Yunnan could default on their debts. Investors fear those debts represent the tip of a default iceberg. Bank of China is down 13% since the beginning of June, and China Construction Bank is off 14%.
A desire to diversify its assets may have played a role in Temasek's decision. It also is possible it is trying to get ahead of the curve, with rumors that
Bank of America—the second-largest investor in China Construction Bank—plans to sell down a portion of its holdings.
Whatever the reality, two factors loom large: the extent of bad debts in the system and the banks' scope to grow through the problems. Neither looks encouraging.
A Moody's report estimates nonperforming loans in the banking system could hit 8%-12% from the current 1.1%. At the same time, a two-year lending bonanza has seen China's loan-to-GDP ratio soar to 127% in 2010 from 101% in 2008. It is hard to gauge how high nonperforming loans will rise, given limited visibility on asset quality at China's banks. But Temasek's sales suggest not everyone is giving the benefit of the doubt
