City Development Limited (CDL) says it expects to make provisions for a “material impairment loss” on its investment in Sincere Property on Jan 21, given the “ongoing unprecedented challenges” for China’s real estate market.

The announcement comes as the findings of the review by Deloitte & Touche have been matched with the preliminary findings from the audit of Sincere Property as at April 30, 2020.

Deloitte & Touche was the external financial advisor appointed by the property group on Nov 4, 2020, to assist the group in evaluating and reviewing its 51.01% joint venture (JV) equity investment in China-based Sincere Property Group.

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