CDL buys majority stake in Sincere Property Group

George Sell George Sell Uploaded 29 April 2020

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Singapore: City Development Limited (CDL) has entered into agreements to acquire a 51 per cent stake in Sincere property Group for RMB4.39 billion.

The deal will provide CDL with an expanded geographical presence across 18 cities in China, a pipeline of 64 development projects, an increase in portfolio allocation for China from 13 per cent to 17 per cent, and a portfolio of 27 investment properties in China, including nine retail malls, the 404-unit Sincere Residence Changfeng serviced apartments in Shanghai and four hotels with more than 1,000 rooms.

The hotels include 298-key Chengdu Hilton Hotel and 284-key Chongqing Jiangbei Doubletree by Hilton. The terms of the deal also provide CDL with a call option to purchase an additional nine per cent effective interest in Sincere Property for RMB 770 million.

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