Singapore property giants City Developments Ltd. and CapitaLand Investment Ltd. reported bigger-than-expected declines in full-year profits, after being battered by high interest rates and a global real estate downturn.
CDL buys South Korea s Nine Tree Premier Hotel Myeongdong II | Singapore Business Review sbr.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sbr.com.sg Daily Mail and Mail on Sunday newspapers.
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.
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.