SINGAPORE: When Singapore’s richest property family invested in a Chinese real estate group, the deal was touted as “game-changing” for its expansion in Asia’s largest economy. Almost a year later, it has instead become a cautionary tale for firms looking to invest in Chinese developers.
In a case of a dream turning into a burden, City Developmen LTD (CDL) last month revealed a US$1.3bil (RM5.3bil) writedown on Chongqing-based Sincere Property Group that led the Singapore firm to suffer a record annual loss.
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