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RobinCHG
2021-08-12

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Singapore’s Richest Property Family Hurt by Tax Expenses

Singapore’s richest property dynasty, which runs CITY DEVELOPMENTS LIMITED, suffered a loss of S$32.

Singapore’s Richest Property Family Hurt by Tax Expenses

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CDL’s revenue in the six months rose by 11.1% to S$1.2 billion.</p>\n<p>With travel restrictions still largely in place for most countries, its hotel operations segment registered a 10.8% decline in revenue. The firm’s investment properties also generated lower rental income, hurt by decreased footfalls, rental rebates given to retail tenants and significantly lower contribution from its Phuket mall.</p>\n<p>“While the road to recovery remains uneven, the accelerated vaccine deployment across the globe and the gradual easing of border restrictions offer light at the end of the tunnel,” said its chief executive officer, Sherman Kwek.</p>\n<p>The company is still reeling from arecord loss&nbsp;of S$1.9 billion for the last financial year, largely because of impairments from its bungled backing of Chinese developer&nbsp;Chongqing Sincere Yuanchuang Industrial Co.&nbsp;CDL has already written off the investment and said it will no longer inject funds into Sincere, which is trying to&nbsp;stave off&nbsp;a bankruptcy application brought against it by a China-based creditor.</p>\n<p>For CDL, it’s trying to move past the fallout and focus on&nbsp;other projects. The company applied for a Singapore initial public offering for a U.K real estate investment trust. It’s also reviewing potential divestments and looking to tap Singapore’s booming residential market, analystssaid.</p>\n<p>The investment in Sincere cast a shadow over the business and even sparked a family rift. Several board members including a cousin to the family patriarch and company chairman, Kwek Leng Beng, resigned in disagreement over the deal. And CDL’s scion Sherman Kwek came under intense pressure to salvage the investment that he promoted.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore’s Richest Property Family Hurt by Tax Expenses</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore’s Richest Property Family Hurt by Tax Expenses\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-12 08:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-11/singapore-s-richest-property-family-hurt-by-tax-expenses><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Singapore’s richest property dynasty, which runs CITY DEVELOPMENTS LIMITED, suffered a loss of S$32.1 million ($23.7 million) in the first half of the year due to tax expenses and the pandemic fallout...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-11/singapore-s-richest-property-family-hurt-by-tax-expenses\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C09.SI":"城市发展"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-11/singapore-s-richest-property-family-hurt-by-tax-expenses","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125061302","content_text":"Singapore’s richest property dynasty, which runs CITY DEVELOPMENTS LIMITED, suffered a loss of S$32.1 million ($23.7 million) in the first half of the year due to tax expenses and the pandemic fallout.\nCovid relief plans were no longer available like last year when it benefited from a deferred tax credit of S$17.6 million. CDL’s revenue in the six months rose by 11.1% to S$1.2 billion.\nWith travel restrictions still largely in place for most countries, its hotel operations segment registered a 10.8% decline in revenue. The firm’s investment properties also generated lower rental income, hurt by decreased footfalls, rental rebates given to retail tenants and significantly lower contribution from its Phuket mall.\n“While the road to recovery remains uneven, the accelerated vaccine deployment across the globe and the gradual easing of border restrictions offer light at the end of the tunnel,” said its chief executive officer, Sherman Kwek.\nThe company is still reeling from arecord loss of S$1.9 billion for the last financial year, largely because of impairments from its bungled backing of Chinese developer Chongqing Sincere Yuanchuang Industrial Co. CDL has already written off the investment and said it will no longer inject funds into Sincere, which is trying to stave off a bankruptcy application brought against it by a China-based creditor.\nFor CDL, it’s trying to move past the fallout and focus on other projects. The company applied for a Singapore initial public offering for a U.K real estate investment trust. It’s also reviewing potential divestments and looking to tap Singapore’s booming residential market, analystssaid.\nThe investment in Sincere cast a shadow over the business and even sparked a family rift. Several board members including a cousin to the family patriarch and company chairman, Kwek Leng Beng, resigned in disagreement over the deal. And CDL’s scion Sherman Kwek came under intense pressure to salvage the investment that he promoted.","news_type":1,"symbols_score_info":{"C09.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":1213,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":22,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}