Singapore Property Dynasty Sees Woes Piling in China Unit
- Creditor of developer Sincere unit filed bankruptcy petition
- Property dynasty wrote off most of $1.4 billion investment
Sherman Kwek
Photographer: Ore Huiying/BloombergThis article is for subscribers only.
Singapore’s richest property dynasty pledged to continue to limit its exposure to its cash-strapped China unit, which is now facing a bankruptcy claim.
City Developments Ltd. said it has “ring-fenced its current financial exposure to its investment” in Chongqing Sincere Yuanchuang Industrial Co. and “will not support” the continuing obligations of the Chinese developer.