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.
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.
Chinese firm s bond lapse exposes rift with Singapore parent 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.
(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