(Mar 24): Temasek Holdings’s biggest equity shareholdings and those of its subsidiaries have plunged almost US$24 billion ($34 billion) since January as the spreading coronavirus sends markets into spasms.

Singapore’s state investor owns or controls multibillion-dollar stakes in companies that straddle the world, from Chinese e-commerce giant Alibaba Group Holding to Singapore Airlines. A Bloomberg analysis of the top 12 holdings of Temasek and companies it controls as of March 20 shows a decline in market value of around one-third.

The plunge comes at a critical time for Singapore, whose financial strength is partly linked to Temasek, sovereign wealth fund GIC, and the Monetary Authority of Singapore. The government uses a formula that includes the expected long-term returns of all three entities to calculate the net investment return contribution, which helps fund the budget each year. In fiscal 2020, that contribution is expected to be $18.6 billion.

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