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Singapore CDL sells Chinese unit for a mere US$1 After US$1 4 Billion write-off

Singapore CDL sells Chinese unit for a mere US$1 After US$1 4 Billion write-off
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Singapore s City Developments Divests From Troubled China Unit

Singapore s City Developments Divests From Troubled China Unit
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SG-listed CDL buys majority stake in Shenzhen tech park to shore up Chinese JV

SG-listed CDL buys majority stake in Shenzhen tech park to shore up Chinese JV February 23, 2021 Singapore-listed property developer City Developments Ltd (CDL) has entered into agreements to acquire a majority stake in Shenzhen technology park from Sincere Property Group and two entities of China Ping An. Sincere Property is its joint venture investment in China. CDL said in a statement that it has acquired a total of 84.6% equity interest in Shenzhen Tusincere Technology Park Development Co. Ltd, the holding company, for 850 million yuan ($131.52 million) and will assume the existing shareholders’ loans proportionately. Sincere Property will continue to hold the balance 15.4% equity interest in the holding company.

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CDL Acquires Majority Stake in Sincere s Shenzhen Tech Park Mingtiandi

A rendering of the Shenzhen Tusincere Tech Park on Longgang district Singapore-listed City Developments Ltd on Monday said it had agreed to acquire an effective 55 percent stake in a Shenzhen technology park in a bid to shore up the liquidity of CDL’s joint venture with Chinese developer Sincere Property Group. Under the terms of the deal, CDL has acquired a combined 84.6 percent interest from three separate shareholders Sincere itself and two entities controlled by mainland insurer Ping An in a holding firm, Shenzhen Tusincere Technology Park Development, for RMB 850 million ($131.5 million). The holding firm in turn controls a 65 percent interest in Shenzhen Tusincere Technology Park, with a local state-owned enterprise owning the remaining 35 percent of the project, which has been independently valued at RMB 8.8 billion.

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