Pay cuts for heads of Singapore property firms

Singapore

PROPERTY group City Developments' (CDL) executive chairman Kwek Leng Beng had his total remuneration plunge 82 per cent last year. He received S$1.63 million in 2020, down from S$8.89 million in 2019.

CDL recorded a full-year net loss of S$1.92 billion for 2020, reversing from a S$564.6 million profit in 2019. This was CDL's first full-year loss since the early 1970s.