S'pore investors rush to China

S'pore investors rush to China

SINGAPORE: Singapore's total investments abroad exceeded S$257 billion (US$147 billion) by the end of 2001, with China taking the lion's share of direct investments, official figures showed Friday.

Out of the total, direct investments reached S$131.2 billion, with S$16.5 billion heading for China, the Department of Statistics said in a statement.

Financial havens British Virgin Islands and Bermuda came next, followed by Malaysia, Hong Kong, Indonesia, the United States and Britain.

In terms of activity, financial services took the biggest slice of total direct investment at S$74.1 billion, followed by manufacturing at S$27.2 billion.

In addition to direct investments, the total investment stock of S$257 billion includes direct equity investments, lending to subsidiaries and associates, portfolio investments, and other foreign assets.

In China, more than two-thirds of Singapore investments were channeled to the manufacturing sector, followed by real estate. -- AFP