SINGAPORE (May 20): On May 15, City Developments announced it had entered into agreements to invest in a 24% equity stake in Sincere Property Group, a stressed mainland Chinese developer, for RMB5.5 billion ($1.1 billion). The transaction is subject to approvals and other conditions, and expected to be fully completed in 4QFY2019. This investment will make CDL the largest investor after Sincere’s founder and chairman, Wu Xu. CDL will have board representation and the right to key decision-making.

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