News analysis

Scion of Singapore's richest clan strives to salvage China deal

City Developments Ltd CEO Sherman Kwek spearheaded a deal with Chinese developer Sincere Property Group in 2019. PHOTO: CDL
New: Gift this subscriber-only story to your friends and family

But Sincere remains central to Mr Kwek's success and is to this date CDL's largest single investment in China.

While the Singapore company did not disclose its strategy to resolve the issues at the joint venture, a media representative said the firm is focused on preserving and enhancing shareholder value, adding that "the team has been working diligently on issues relating to Sincere and the challenges it faces".

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.