Pressure on CDL heir as he strives to salvage Sincere deal

Contentious joint venture with Chinese developer is Sherman Kwek's biggest challenge yet

City Developments chief executive Sherman Kwek spearheaded the company's deal with China's Sincere Property Group in 2019.
City Developments chief executive Sherman Kwek spearheaded the company's deal with China's Sincere Property Group in 2019.PHOTO: CITY DEVELOPMENTS

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 of City Developments (CDL), has had to contend with two more board member resignations, taking the total to three since October.

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A version of this article appeared in the print edition of The Straits Times on January 20, 2021, with the headline 'Pressure on CDL heir as he strives to salvage Sincere deal'. Subscribe