For Singapore’s richest property family, the turnaround of City Developments Ltd. is just beginning.

A bungled Chinese investment has saddled the property developer with a $1.78 billion writedown, raising questions about the extent of the damage and the fallout for top executives who supported the deal.

CDL, which is majority-owned by the billionaire Kwek dynasty, is seeking to draw a line under an episode that has rattled the family business. It has pledged to limit further damage from cash-strapped Chongqing Sincere Yuanchuang Industrial Co., which is now facing a bankruptcy claim, saying on Thursday that it has ring-fenced its current financial exposure.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook