CDL's Sherman Kwek seeks to salvage Sincere Property deal

Pressure is mounting on an heir to Singapore’s biggest family fortune as he seeks to salvage the troubled property investment at the centre of an ambitious expansion into China.

In the past month, Sherman Kwek, the 45-year-old chief executive officer of City Developments Ltd., has had to contend with two more board member resignations, taking the total to three since October. His firm set up a special team to decide on the sale of assets at its joint venture with Sincere Property Group, the Chinese developer that’s driven a rift in the family, and to look at restructuring its liabilities. His father, CDL’s executive chairman, came out to defend the investment.

See: 

• Citing disagreements over investment in China, Kwek Leng Peck quits CDL's board
• Another CDL director resigns in relation to Sincere Property investment
• Third CDL director resigns in relation to Sincere Property investment