Temasek Singapore wealth fund hits record value

Temasek sign outside its HQ
Image caption Temasek says it is bullish about China's economy despite recent share sales

Singapore's state investment fund says the value of its portfolio rose 3.8% to a record 193bn Singapore dollars ($157bn; £98bn) in the year to March.

Temasek Holdings, whose assets include stakes in UK bank Standard Chartered and two of China's biggest banks, made net profits of S$13bn, up from S$5bn.

Temasek said in a statement that it was "ready" to invest in more mature economies, such as the US.

The bulk of the firm's investments are in Asia, with 20% in China.

Temasek recently sold S$4.3bn worth of shares in Chinese banks, sparking suggestions that the fund was becoming more cautious about prospects for China's economic growth.

However, Nagi Hamiyeh, managing director for investments at Temasek, said "we have faith in the policies of the Chinese government in the long term and we are bullish on China in the long term".

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