Analysts from Bank of America (BofA) Securities, Citi Research, CLSA and Lim & Tan are all positive on City Developments Limited (CDL) after the group announced that it was divesting its entire stake in Sincere Property Group for US$1.

On Sept 10, CDL announced that it was fully divesting its 51% stake in the cash-strapped Chinese property group to an unrelated third party.

At the same time, Sincere will transfer the remaining 15.4% interest in Shenzhen Tusincere Technology Park to CDL as partial repayment of a loan still owed to the latter.

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