Analysts sanguine on CDL's decision to sell Sincere Property for US$1
It removes overhang on CDL share price, avoids lengthy liquidation, court issues, they say; but company is increasing its stake in Shenzhen tech park
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MARKET observers generally view as mildly positive City Developments Limited's (CDL's) move to exit its ill-fated investment in China-based Sincere Property Group for US$1 while increasing its stake in a Shenzhen tech park from about 55 per cent to 65 per cent.
CGS-CIMB analyst Lock Mun Yee said: "Generally, I believe the divestment of the 51.01 per cent effective interest in Sincere Property will remove the overhang on the share price performance of CDL."
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