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City Developments Limited (CDL)
Company in the news
CDL faces turnaround after China debacle
For Singapore’s richest property family, the turnaround of City Developments Ltd. is just beginning.
July 09, 2021
Property
CDL says it’s under 'no pressure' to divest assets after Millennium Hilton Seoul reported to sell for $1.19 bil
The comment comes after The Korea Herald stated that CDL Hotel Korea is planning to sell the luxury hotel for KRW1 trillion.
May 28, 2021
Results
CDL reports global occupancy of 36.8% and global RevPAR of $44.6 in 1Q business update
As at March 31, CDL’s net gearing ratio stood at 65% with interest cover at 7.7 times.
May 19, 2021
Green loans
CDL-led consortium secures $1.22 bil green loan from five banks
The loan is provided by DBS, UOB, Maybank, SMBC and OCBC.
April 13, 2021
Company in the news
CDL's China deal is a cautionary tale
In a case of a dream turning into a burden, City Developments Ltd. last month revealed a $1.78 billion write-down on Sincere.
March 15, 2021
Property
City Developments looks beyond Sincere
City Developments attempts to put ill fated acquisition of Sincere behind it and focus on unlocking value in Singapore
March 05, 2021
Property
'Proxy to Singapore' to continue land banking
City Developments will continue to landbank in Singapore even as it unlocks value from portfolio of old undervalued assets
March 05, 2021
Broker's Calls
Analysts remain positive on CDL despite impairments on Sincere
Analysts from CGS-CIMB, OCBC and RHB have maintained "buy" on CDL with lower target prices of $8.97, $9.12, and $8.70 respectively
March 02, 2021
Credit downgrade
CDL's Sincere Property RMB Bonds downgraded to AA-
The credit rating downgrade has no impact on CDL’s borrowings; the group is not committed to the obligations of these bonds.
February 19, 2021
Property
Millennium & Copthorne New Zealand faces cancellations, unable to forecast exact impact on 1H21 financial performance
The number of deferrals and cancellations vary from hotel to hotel, which will impact M&C New Zealand’s revenue for February.
February 16, 2021