CDL's near-term performance depends on Kweks resolving differences amicably
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IT HAS been almost a month since City Developments (CDL) stunned corporate circles with the announcement that its long-standing director Kwek Leng Peck had resigned.
Mr Kwek has, among other things, been against CDL's investment in Sincere Property Group, a privately-held Chinese property group. He does not see eye-to-eye with his cousin, CDL's executive chairman Kwek Leng Beng, on CDL's strategy of continuing to provide financial support to Sincere - perhaps seeing this as throwing good money after bad.
CDL has invested S$1.9 billion in Sincere and now owns 51.01 per cent with an option for another 9 per cent.
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