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City Developments Limited to divest interest in Sincere

Felicia Tan
Felicia Tan9/11/2021 12:31 AM GMT+08  • 4 min read
City Developments Limited to divest interest in Sincere
The consideration of US$1 took into account Sincere’s current liquidity issues and potential bankruptcy reorganisation.
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City Developments Limited (CDL) has, on Sept 10, announced that it was divesting its interest in Chongqing Sincere Yuanchuang Industry Co (Sincere) for a total consideration of US$1 ($1.34).

The sale and purchase agreement was signed by Sonic Investment, a wholly-owned subsidiary of CDL, HCP Chongqing Property Development (HCP Cayman) and Sure Spread Limited.

Under the terms of the agreement, CDL, via Sonic, will sell its 63.75% equity interest in HCP Cayman for a consideration of US$1 to Sure Spread.

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