(Yicai Global) Sept. 9 -- Temasek Holdings, Singapore’s state investment company, has more assets in China than in its home country for the first time since it was set up in 1974.

China accounted for 29 percent of Temasek’s holdings as of March 31, according to its annual report published yesterday. Singapore accounted for 24 percent, North America for 17 percent, and Europe for 10 percent.

The sovereign wealth fund’s assets in the two countries was evenly split last year at 26 percent each. But the coronavirus pandemic has upset the balance. Its investments in Singapore Telecommunications and DBS Bank have plunged, while those in Alibaba Group Holdings, Industrial and Commercial Bank of China and Meituan Dianping have climbed.

Temasek said it is optimistic about China over the medium term and expects the Chinese government to further support the country’s economic recovery.

In China, its interests also include short video platform Kuaishou Technology, Beijing-Shanghai High-Speed Railway, ophthalmology platform Ocumension Therapeutics, and the fintech giant Ant Group, which is preparing to list on Shanghai’s technology-focused Star Market and in Hong Kong.

The net value of Temasek’s entire investment portfolio fell 2.3 percent to CNY1.52 trillion (USD222 billion) in the period. Financial services made up the bulk at 23 percent. Temasek has upped its stakes in PayPal, MasterCard and Visa, European furniture e-commerce platform ManoMano, and Chinese big data solutions provider Mininglamp Technology.