Kwek Leng Beng, chairman of City Developments Ltd., speaks during a news conference in Singapore, on Thursday, Feb. 21, 2019. - Bloomberg
SINGAPORE: An escalating feud between Singapore’s richest property family and its troubled Chinese unit is underscoring the challenges for foreign companies making acquisitions in the world’s second-largest economy.
On Wednesday, Chongqing Sincere Yuanchuang Industrial Co. said its parent City Developments Ltd. delayed decision making, stalling opportunities to raise funds and improve cash flow. CDL responded late Thursday by saying that Sincere’s message contained incorrect information which could mislead people to believe it should take primary responsibility.
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