City Developments Ltd, run by Singapore’s richest property dynasty, saw a loss of S$32.1 million ($23.7 million) in the first half due to tax expenses and the pandemic fallout.Covid relief plans were no longer available like last year when it benefited from a deferred tax credit of S$17.6 million. CDL’s revenue in the six months rose by 11.1% to S$1.2 billion.
(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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In its response, CDL described Sincere as a joint venture and said the legal structure of the entity doesn’t give the Singapore firm majority control of board decisions. It said it was “deeply concerned” that Sincere issued the statement and that it came without any prior consultation.
Sincere paid interest on Thursday for its bond due Tuesday, though investors are still waiting for a principal payment of 444.5 million yuan ($68 million), according to two bondholders who aren’t authorized to speak publicly and asked not to be identified. China Lianhe Credit Rating downgraded Sincere to B from BB following the missed payment.