CDL to invest $1b in China real estate developer
Singapore-based City Developments (CDL) has entered into deals to invest 5.5 billion yuan ($1.1 billion) in Chinese real estate developer Sincere Property Group. This is part of CDL’s growth strategy in the mainland real estate market.
The deal is CDL’s single largest investment in China to date.
City Developments will have a 24 percent stake in the Mainland developer. And CDL also will have a 70 percent stake in Shanghai Hongqiao Sincere Center, a prime commercial property located at Shanghai’s Hongqiao Central Business District.