Temasek Holdings TEM.UL is selling about $2.4 billion worth of stakes in two of China’s largest banks, as the Singapore state investor reshuffles its financial sector portfolio.

Temasek, which is the single-biggest shareholder in Standard Chartered Bank, is offering about $1.2 billion in Hong Kong-listed shares of China Construction Bank and another $1.2 billion of Bank of China, according to term sheets seen by Reuters.

The Singapore investor manages about $150 billion in assets, spread across a sprawling investment business of some 200 companies, though just 30 or so make up 80 percent of the portfolio’s value, leading some critics to say the company should trim down and be more focused.

Temasek confirmed the sales, but declined to give details.

Hong Kong’s financial sector sub-index has risen about 15 percent this year, recovering from last year’s 27 percent slide.

The sell downs come just days after China’s Big Four…