CityDev to inject $41.4m for Chinese property firm's Hong Kong IPO

CDL wants to leverage on the firm's network, platform and expertise for its residential projects in various countries.

City Developments will invest $41.4m (HK$237.81m) for the Hong Kong initial public offering (IPO) of Chinese real estate firm E-House, an announcement revealed.

“As it (E-House) expands not only in China but also globally, we will be able to leverage its network, platform and expertise for CDL’s residential projects in various countries,” CityDev group CEO Sherman Kwek.

CityDev is the only Singapore company invited for the IPO as most investors were Chinese developers.

Also read: CityDev's share price hit by surprise property policy

The data-based real estate agency is set to file for listing on the Hong Kong Stock Exchange by late July.

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