SINGAPORE (Aug 16): Property giant City Developments Limited (CDL) has bought shares from the open market for the first time. On Aug 16, the company bought 300,000 shares at an average price of $9.485, which is a discount of nearly 15% of its net asset value of $11.13 as of June 30.

“There is deep value in our shares and we have confidence in CDL’s strong fundamentals and future growth potential,” says CDL’s group CEO Sherman Kwek.

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