CDL responds to commentary regarding leadership change

I REFER to the Hock Lock Siew commentary "CDL's near-term performance depends on Kweks resolving differences amicably" on Nov 19, 2020. It is speculative and irresponsible and - disappointingly for The Business Times - relies on hearsay and unverified "grapevine" source.

Your headline does no justice to City Developments Limited (CDL) which has been listed for 57 years and is one of the largest publicly quoted real estate companies in Singapore. Our success was achieved by carefully balancing annual financial returns with longer term strategies. Our track record is evinced by sustained dividends, increase in market value and asset base as well as many accolades for good governance.

Under the strong leadership of our executive chairman, Mr Kwek Leng Beng, CDL has navigated numerous challenges and economic cycles over five decades. He has steered and transformed CDL from losses into one of Asia's most successful conglomerates, and a bellwether stock.