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.
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.
