City Development Builds on China Strategy with a Sincere Investment
Along with a largely in line first-quarter result, no-moat City Development, or CDL, acquired a 24% stake in Chinese Developer Sincere Property for CNY 5.5 billion, or SGD 1.1 billion. Total assets from China increase to 15% of the group from 9%, adding diversification to the group’s geographical operation. Previously, CDL’s operation in China was limited to a few residential development projects and investment properties. Within China, Sincere has operations across 20 cities, mainly in Tier 1 a...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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