CDL buys controlling stake in China-based Sincere Property for $885m

This will provide the company with a portfolio of 27 investment properties.

City Developments (CDL) inked a deal to buy a 51.01% joint controlling interest in China-based developer Sincere Property Group for an initial investment of $885.75m (RMB4.39b), according to a press release.

Part of this investment quantum will be utilised to repay the $554.6m (RMB2.75b) loan extended by CDL to Sincere Property. Upon completion, CDL will hold a joint controlling interest in Sincere Property via an offshore investment vehicle.

The investment will provide CDL an expanded geographical presence of 18 cities across China, a pipeline of 64 development projects and a portfolio of 27 investment properties.

A call option will also be granted to CDL to purchase an additional 9% effective interest in Sincere Property for $155.29m (RMB770m) at the same entry valuation. The call option can be made at CDL’s discretion during a six-month period on either 18 months after the completion of this transaction or 1 July 2022, whichever is later.

In May 2019, CDL expressed plans to invest $1.10b (RMB5.5b) to acquire a 24% stake in Sincere Property by Q4. However, this was not completed, so CDL had instead extended the initial tranche of (RMB2.75b) as an interest-bearing loan.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia