SINGAPORE/BEIJING, Jan 19 (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.
The Straits Times
Scion of Singapore s richest clan strives to salvage China deal
City Developments Ltd CEO Sherman Kwek spearheaded a deal with Chinese developer Sincere Property Group in 2019.PHOTO: CDL
PublishedJan 19, 2021, 8:25 am SGT
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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.
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.