SINGAPORE -- Major Singaporean property developer City Developments announced on May 15 a pair of transactions with China's Sincere Property Group totaling nearly $1 billion, underscoring its faith in the mainland real estate market.
City Developments, also known as CDL, will purchase a roughly 24% stake in Sincere for 5.5 billion yuan ($800 million) in a deal financed by loans and equity. "It is a rare opportunity to acquire a meaningful stake in an established platform at an attractive valuation," said CDL Group CEO Sherman Kwek.
