CityDev    Last:8.36    -0.03

CityDev

CheeryVGoh      ( Date: 21-Oct-2020 16:52) Posted: Better don' t pick this durian for now. pasttime      ( Date: 21-Oct-2020 16:46) Posted: doing lower low and lower high on the min chart. if at close no push up, no news tonight, tomorrow will be?

 

Kwek Leng Beng still around....steady....

Their assets base and fundamentals so strong....this small issue will pass as well...

 

Jamesbond007      ( Date: 21-Oct-2020 16:50) Posted: Sink by a Chinese missile. Investing in China comes with super high risk, be it to individual or corporate. Nice on the outside but rotten inside. CDL gonna.

 

Better don' t pick this durian for now.

pasttime      ( Date: 21-Oct-2020 16:46) Posted: doing lower low and lower high on the min chart. if at close no push up, no news tonight, tomorrow will be?

 

Sink by a Chinese missile.
Investing in China comes with super high risk, be it to individual or corporate.
Nice on the outside but rotten inside.
CDL gonna.

 

doing lower low and lower high on the min chart.
if at close no push up, no news tonight, tomorrow will be?

 

remember Sing' s shu chow industrial park.?    even lky lost pant down doing business in china,

 

The hurry to do it rather than to wait for the next AGM to not offer for re-election is rather puzzeling. Some big corporate actions due to a change in strategic direction should be expected in the near future?

weekaykee      ( Date: 21-Oct-2020 16:16) Posted: The market has to price in a write off of minimum of $1.9b or even more if they hang on to Sincere for too long. It is the inisghts provided by the resignation that should worry investors. arctician1982      ( Date: 21-Oct-2020 16:03) Posted: went queue at 7.4 before market open, really got filled. Am surprised at the market reaction, he is not elon musk so price shouldnt fall so much with a resignation, somemore what conflicts cant be resolved within a family? I am guessing the board has disagreement over investment or divestment for sincere property. and this means there may be major provision or writedown..either that or he took responsibility for some investments that never work out

 

Leng Peck?  Iirc he took over chairmanship of HL asia from Leng Beng few years ago.

My guess is the disagreement is the timing more than the assets in question. Maybe there are 2 camps, one camp thinks its going to end soon have to strike hot iron in china, another thinks its going to take a number of years better hunker down and consolidate europe assets? Both may be right?

kentlim      ( Date: 21-Oct-2020 13:26) Posted: Resignation of Mr Kwek Leng Peck as a Non-Executive and Non-Independent Director  of the Company The Board of Directors of City Developments Limited (the &ldquo Company&rdquo or &ldquo CDL&rdquo ) wishes to  announce that regrettably Mr Kwek Leng Peck has given notice of his resignation as a NonExecutive and Non-Independent Director of the Company with effect from 19 October 2020. Based on his letter of resignation, Mr Kwek&rsquo s primary reasons for his resignation are (i) that there are disagreements with the Board and management in relation to the Group&rsquo s investment in Sincere Property Group (&ldquo Sincere&rdquo ) as well as its continuing provision of financial support to Sincere and (ii) his reservations with the Group&rsquo s approach in the management of Millennium & Copthorne Hotels Limited (&ldquo M& C&rdquo ). The Group&rsquo s total investment in Sincere includes a 51% joint venture equity investment in  Sincere of RMB 4.4 billion, US$230 million subscription of bonds issued by Sincere and a  working capital loan of RMB 650 million. In addition, the Group also provided a liquidity support undertaking totalling RMB 1.5 billion relating to the bonds issued by Sincere that are maturing on 26 October 2020 and a RMB 1.5 billion corporate guarantee in relation to an external bank loan obtained by Sincere. The total of these investments is $1.9 billion.

 

$1.9b is almost 30% of CDL' s market cap

weekaykee      ( Date: 21-Oct-2020 16:16) Posted: The market has to price in a write off of minimum of $1.9b or even more if they hang on to Sincere for too long. It is the inisghts provided by the resignation that should worry investors. arctician1982      ( Date: 21-Oct-2020 16:03) Posted: went queue at 7.4 before market open, really got filled. Am surprised at the market reaction, he is not elon musk so price shouldnt fall so much with a resignation, somemore what conflicts cant be resolved within a family? I am guessing the board has disagreement over investment or divestment for sincere property. and this means there may be major provision or writedown..either that or he took responsibility for some investments that never work out

 

The market has to price in a write off of minimum of $1.9b or even more if they hang on to Sincere for too long.

It is the inisghts provided by the resignation that should worry investors.

arctician1982      ( Date: 21-Oct-2020 16:03) Posted: went queue at 7.4 before market open, really got filled. Am surprised at the market reaction, he is not elon musk so price shouldnt fall so much with a resignation, somemore what conflicts cant be resolved within a family? I am guessing the board has disagreement over investment or divestment for sincere property. and this means there may be major provision or writedown..either that or he took responsibility for some investments that never work out

 

Sincerely yours for less.

Now : 7.12
Day Low : 7.03
Day High : 7.41

reliever      ( Date: 21-Oct-2020 16:07) Posted: Really not sincere at all pasttime      ( Date: 21-Oct-2020 15:52) Posted: think it is more like unknown for sincere now. old is conservative and young is aggressive.

 

and they are were once the biggest, greatest and more glamorous.... NOT Long ago

now begging for $$$$

Scarldomz      ( Date: 21-Oct-2020 16:13) Posted: China' s Evergrande already fire sale for its property in China... Mocha_frosco      ( Date: 21-Oct-2020 15:48) Posted: and also many ghost town/cities/province....

 

China' s Evergrande already fire sale for its property in China...

Mocha_frosco      ( Date: 21-Oct-2020 15:48) Posted: and also many ghost town/cities/province....   tankoksee      ( Date: 21-Oct-2020 14:44) Posted: china properties have great prospects in the near future.. a right move tho some internal disagreement is normal.. underpriced at current levels ...

 

Really not sincere at all

pasttime      ( Date: 21-Oct-2020 15:52) Posted: think it is more like unknown for sincere now. old is conservative and young is aggressive.

 

went queue at 7.4 before market open, really got filled.

Am surprised at the market reaction, he is not elon musk so price shouldnt fall so much with a resignation, somemore what conflicts cant be resolved within a family? I am guessing the board has disagreement over investment or divestment for sincere property. and this means there may be major provision or writedown..either that or he took responsibility for some investments that never work out
 

 

do cdl need to do a general offer at their holding size?
how much more money needed.

 

CDL STRIKES DEAL TO ACQUIRE 51% STAKE IN MAINLAND DEVELOPER FOR RMB 4.39B
2020/04/15 

Call Option Could Boost Stake to 60%

The terms of the deal also provide CDL with a call option to purchase an additional 9 percent effective interest in Sincere Property for RMB 770 million at the same valuation as today&rsquo s transaction. The Singapore firm will be able to exercise that call option at its discretion during a six month period that will commence either 18 months after the completion of the today&rsquo s deal or on 1 July 2022, whichever is later.

Should CDL put its option to use, it would raise its stake in Sincere Group to 60.01 percent and assume sole control of the developer.

https://www.mingtiandi.com/real-estate/finance-real-estate/cdl-agrees-to-buy-51-of-chinas-sincere-property-group/

 

think it is more like unknown for sincere now. old is conservative and young is aggressive.

 

 

and also many ghost town/cities/province....

 

tankoksee      ( Date: 21-Oct-2020 14:44) Posted: china properties have great prospects in the near future.. a right move tho some internal disagreement is normal.. underpriced at current levels ...