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City Developments Profit Drops Despite Jump in Property Business

City Developments Profit Drops Despite Jump in Property Business
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Sherman kwekBloomberg city developments ltdDevelopments ltdExecutive officer sherman kwek

Singapore s Richest Property Family Hurt by Tax Expenses

(Bloomberg) Singapore’s richest property dynasty, which runs City Developments Ltd, suffered a loss of S$32.1 million ($23.7 million) in the first half of the year due to tax expenses and the pandemic fallout.

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Singapore Property Dynasty s China Deal Is a Cautionary Tale

Singapore Property Dynasty’s China Deal Is a Cautionary Tale Bloomberg 3/15/2021 Bloomberg News (Bloomberg) When Singapore’s richest property family invested in a Chinese real estate group, the deal was touted as “game-changing” for its expansion in Asia’s largest economy. Almost a year later, it has instead become a cautionary tale for firms looking to invest in Chinese developers. In a case of a dream turning into a burden, City Developments Ltd. last month revealed a S$1.78 billion ($1.3 billion) writedown on Chongqing-based Sincere Property Group that led the Singapore firm to suffer a record annual loss. The impairment constituted almost all of CDL’s S$1.9 billion investment in Sincere, which more than doubled from its initial outlay as its partner’s finances deteriorated. Now CDL has had enough, saying it will no longer inject funds until the Chinese company returns to health. Cash-strapped Sincere has dragged their rift into the open af

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Scion of Singapore s Richest Family Strives to Salvage China Deal

Scion of Singapore’s Richest Family Strives to Salvage China Deal Bloomberg 1/19/2021 Yoojung Lee and Faris Mokhtar (Bloomberg) Pressure is mounting on an heir to Singapore’s biggest family fortune as he seeks to salvage the troubled property investment at the center of an ambitious expansion into China. In the past month, Sherman Kwek, the 45-year-old chief executive officer of City Developments Ltd., has had to contend with two more board member resignations, taking the total to three since October. His firm set up a special team to decide on the sale of assets at its joint venture with Sincere Property Group, the Chinese developer that’s driven a rift in the family, and to look at restructuring its liabilities. His father, CDL’s executive chairman, came out to defend the investment.

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