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 rift into the open af
Singapore property dynasty s China deal becomes cautionary tale theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
The Straits Times
PublishedMar 12, 2021, 7:23 am SGT
https://str.sg/Jjec
They can read the article in full after signing up for a free account.
Share link:
Or share via:
Sign up or log in to read this article in full
Sign up
All done! This article is now fully available for you
Read now
Get unlimited access to all stories at $0.99/month for the first 3 months.
Get unlimited access to all stories at $0.99/month for the first 3 months.
including the ST News Tablet worth $398.
Let s go!
Spin the wheel for ST Read and Win now.
Let s go!
SINGAPORE (BLOOMBERG) - Opposition from minority shareholders to a restructuring effort by the Jardine Group is growing, with some investors considering going to court over its plan to buy out a London and Singapore-listed unit for what they say is a US$1 billion (S$1.34 billion) discount.
Growing opposition to Jardine Group s restructuring effort straitstimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from straitstimes.com Daily Mail and Mail on Sunday newspapers.
Potential winner: A Coupang employee delivering fresh food in Bucheon, South Korea. Coupang and its bankers raised the price range of the offering, signalling strong demand for the shares. – Bloomberg
TOKYO: SoftBank Group Corp, the biggest shareholder in Coupang Inc, stands to reap an enormous windfall when the South Korean e-commerce leader goes public this week, giving founder Masayoshi Son further evidence his often-criticised startup bets are paying off.
The Japanese company owns about 35% of the startup and could report an unrealised gain of as much as US$16bil (RM66bil) after Coupang raised the target price range for its initial public offering (IPO).