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Analysts Sanguine on CDL’s Decision to Sell Sincere Property for US$1 (Business Times)
Sep 15, 2021
Spoke to Business Times’ property veteran Kalpana Rashiwala about CDL’s decision to cut its stake in China-based Sincere Property. It was a failed foray which led to a write-down of $1.8 billion, sending shockwaves across the board – from shareholders to stalwarts of the company. Four board members stepped down in protest following the debacle, including Kwek Leng Peck, the cousin of chairman Kwek Leng Beng.
It has been the toughest year yet for CDL, but the latest move should pretty much end the nightmare.
Vijay Natarajan thanks for the great insights!