The billionaire Kweks are busy housekeeping

MY WIFE often rejigs her wardrobe - clearing out old clothes to make room for new and, hopefully, better pieces.

Many property groups actively do housekeeping, too. They rejig portfolios by selling properties that may generate lower returns or have limited scope for earnings growth and put money into investments which hopefully yield superior returns.

Property giant City Developments Ltd (CDL), led by executive chairman Kwek Leng Beng and group chief executive officer Sherman Kwek, is busy selling assets in Singapore.