Billionaire Kwek Leng Beng's CDL Revives China Bet With Shanghai Property Purchase [Forbes]
CITY DEVELOPMENTS S/ADR (CDEVY)
NASDAQ:AMEX Investor Relations:
ir.cdl.com.sg
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Source: Forbes
City Developments Ltd (CDL)—controlled by billionaire Kwek Leng Beng and his family—has partnered with Chinese state-linked Lianfa Group to purchase a prime mixed-use site in downtown Shanghai, reviving the Singapore developer's bet in China's troubled real estate market. The duo is buying a 27,994-square-meter site in Xintiandi in Shanghai's Huangpu district for 8.9 billion yuan ($1.3 billion). CDL's Chenghong Shanghai will hold a 51% stake in the joint venture, while Lianfa Group will own the rest. “The acquisition of this rare development site in Shanghai's famous Xintiandi area represents the group's confidence in China's long-term growth prospects,” Sherman Kwek, group CEO of City Developments, said in a statement late Friday. “We are enhancing our presence in this dynamic and populous nation by targeting iconic placemaking opportunities in key Tier 1 and Tier 2 cities.” CDL and Lianfa plan to develop the Xintiandi site into an iconic landmark with 92 low-density villas, 1
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News
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- Billionaire Kwek Leng Beng's CDL Sells 20% Of Singapore Luxury Condo Amid Tepid Demand [Forbes]Forbes
- Tycoon Ong Beng Seng's HPL Buys Concorde Hotel Singapore In Deal Valued At $620 Million [Forbes]Forbes
- Shareholders in City Developments (SGX:C09) are in the red if they invested five years ago [Yahoo! Finance]Yahoo! Finance
- Billionaire Kwek Leng Beng's CDL Sells 84% Of Singapore Housing Project Amid Resilient Demand [Forbes]Forbes