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

SINGAPORE (BLOOMBERG) - Pressure is mounting on an heir to Singapore's biggest family fortune as he seeks to salvage the property investment at the centre of an ambitious expansion into China.

In the past month, Mr Sherman Kwek, the 45-year-old chief executive officer of City Developments Ltd (CDL), has had to contend with two more board member resignations, taking the total to three since October. His firm set up a special team to decide on the sale of assets at its joint venture with Sincere Property Group, the Chinese developer that has driven a rift in the family, and to look at restructuring its liabilities. His father, CDL's executive chairman, came out to defend the investment.