Singapore’s City Developments Reports Loss, Mulls China Comeback
- CEO Sherman Kwek looking at deepening presence in the country
- Company hit by lower rental income from investment properties
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City Developments Ltd, run by Singapore’s richest property dynasty, reported a first-half loss on the fallout from the pandemic and said it is mulling a deeper China presence after being stung by write downs on an earlier investment.
Travel restrictions caused revenues to decline at the firm’s hotel operations and investment properties, while the withdrawal of Covid tax relief plans contributed to a S$32.1 million ($23.7 million) loss in the first six months. Touching on the developer’s plans for China, chief executive officer Sherman Kwek said the world’s most populous nation is still a “very viable” market.