(Bloomberg) Singapore’s richest property dynasty vowed to get back on course after a S$1.78 billion ($1.3 billion) writedown on a Chinese deal led to a record annual loss.City Developments Ltd.’s net loss of S$1.9 billion for the year ended Dec. 31 was its first since the early 1970s, thanks to the impairment on its investment in China’s Sincere Property Group.“We must now forget about all these old subjects,” Chairman Kwek Leng Beng said at a briefing on the results Friday. “I want to go to the next chapter to grow the company. I don’t want to keep talking about Sincere.”While the pandemic has also battered its hotel revenue and rental income, the acquisition of a majority stake in Chongqing-based Sincere last April has proved to be an onerous investment, creating a rift in a family dynasty that’s worth $16.5 billion, according to last year’s Bloomberg Billionaires Index list of Asia’s richest clans. Three
Faris Mokhtar, Bloomberg News
(Bloomberg) Singaporeâs richest property dynastyâs earnings took a severe hit last year, in part due to its contentious investment in a Chinese developer that has driven a rift in the billionaire family.
City Developments Ltd. posted a net loss of S$1.9 billion ($1.4 billion) for the year ended Dec. 31, it said in a statement Friday. While the pandemic has battered its hotel revenue and rental income, the company also posted an impairment loss of S$1.78 billion from its investment in Chinaâs Sincere Property Group.
Since CDL acquired a majority stake in Chongqing-based Sincere last April, the Chinese property firm has proved to be an onerous investment, creating a rift in a family dynasty thatâs worth $16.5 billion, according to last yearâs Bloomberg Billionaires Index list of Asiaâs richest clans. Three CDL directors, including the cousin of the firmâs chairman, have resigned in disagreement over the Sincere deal,