HLIH in turn is owned by Davos Investment Holdings (33.6%), Kwek Holdings (29.1%), and individuals from the broader Quek and Kwek clans (37.3%). Davos, whose address is Guoco Tower, is likely controlled by Quek Leng Chan and his family, and the largest shareholder as at FY2023 is Kwek Leng Kee, a brother. Guoco Group, controlled by Quek Leng Chan, famously sold Dao Heng Bank to DBS Bank in 2002 for $10 billion. Quek Leng Chan’s main listed entity in Singapore is GuocoLand (SGX:F17
) .
The answer to the title may seem like stating the obvious, but on second glance, ownership is not that clear.
The main shareholder of City Developments is Hong Leong Investment Holdings (HLIH), as stated in its annual report. HLIH owns 48.55% of CDL, 45.5% of Hong Leong Finance (SGX:S41) and 75.1% of Hong Leong Asia (SGX:H22) .
