Overnight Market Brief – 13 September 2021
Singapore shares ended higher last Friday, tracking a broader regional gain amidst improved optimism across the region. City Developments (CDL) has exited its investment in China-based Sincere Property Group for a consideration of U$1, while raising its stake in a technology park in Shenzhen. The property developer announced an agreement to sell its 63.75 per cent interest in HCP Chongqing Property Development (HCP Cayman) to an unrelated third party incorporated in the Republic of Seychelles. HCP Cayman holds an 80.01 per cent equity interest in Sincere.The consideration was agreed after factoring Sincere’s current liquidity issues and its potential bankruptcy.