Why CDL shareholders should be heartened by Sincere's recent complaints
The gripes speak to CDL's determination to ensure transparency and good governance at the China-based company
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CITY Developments' (CDL) executive chairman Kwek Leng Beng said last month it was time for the company to put its ill-timed investment in Sincere Property Group behind it and move on.
"We must now forget about all these old subjects," said Mr Kwek, after CDL reported its financial results for FY2020, which included impairment losses for nearly its entire S$1.8 billion exposure to Sincere. "We must look forward," Mr Kwek added.
Tell that to the folks at Sincere. This past week, the China-based real estate company posted a statement on its website blaming CDL for holding up decision-making and affecting its ability to raise funds, offload assets and improve its cash flow.
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