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Singapore Property Dynasty's China Deal Is a Cautionary Tale

Singapore Property Dynasty’s China Deal Is a Cautionary Tale
Bloomberg
3/15/2021
Bloomberg News
(Bloomberg) When Singapore’s richest property family invested in a Chinese real estate group, the deal was touted as “game-changing” for its expansion in Asia’s largest economy. Almost a year later, it has instead become a cautionary tale for firms looking to invest in Chinese developers.
In a case of a dream turning into a burden, City Developments Ltd. last month revealed a S$1.78 billion ($1.3 billion) writedown on Chongqing-based Sincere Property Group that led the Singapore firm to suffer a record annual loss.
The impairment constituted almost all of CDL’s S$1.9 billion investment in Sincere, which more than doubled from its initial outlay as its partner’s finances deteriorated. Now CDL has had enough, saying it will no longer inject funds until the Chinese company returns to health. Cash-strapped Sincere has dragged their ....

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Singapore property dynasty's China deal becomes cautionary tale

Singapore property dynasty's China deal becomes cautionary tale
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Scion of City Developments strives to salvage China deal

[SINGAPORE] Pressure is mounting on an heir to Singapore's biggest family fortune as he seeks to salvage the troubled property investment at the centre of an ambitious expansion into China. Read more at The Business Times. ....

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