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22-10-2020, 11:06 AM
From the public statement, there is nothing wrong in what KLP is saying. Imho, CDL's Board and management should ruminate on the concerns highlighted.
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City Developments (CDL)
City Developments (CDL)
City Developments (CDL)
City Developments Limited (“CDL” or the “Company”) refers to the operational update for the quarter ended 30 September 2020 announced by the Company on 30 November 2020. The prolonged COVID-19 pandemic has continued to impact the various business segments of the Group. Although there are signs of improvement and some early results of changes to operations, cost structure and marketing, the effects of the pandemic are expected to continue into 2021, even with expectations of vaccines being made available.
https://links.sgx.com/FileOpen/CDL_Guida...eID=640849 Stay home and stay safe, everyone. 
CDL -
Millennium & Copthorne Hotels Limited (M&C) said today that its hotels in key gateway cities of Singapore and London have reported spikes in staycation bookings and restaurant outlets, with strong domestic demand ahead of the Christmas and New Year festive season leading up to Chinese New Year in February 2021. Singapore hotels under M&C – a subsidiary of Singapore Exchange-listed City Developments Limited (CDL) – recorded bookings of 31,480 room nights in the August to November 2020 period, up nearly seven-fold from 4,698 in the preceding four months. M&C owns or operates over 2,000 hotel rooms in Singapore, including Orchard Hotel Singapore, Grand Copthorne Waterfront Hotel, Copthorne King’s Hotel, M Social Singapore, M Hotel and Studio M. https://links.sgx.com/FileOpen/0312_News...eID=641432 Stay home and stay safe, everyone.
CDL to sell Penang Hotel; combined sales of S$105 million and divestment gains of S$50 million from disposal of three hotel assets" issued by City Developments Limited on 14 December 2020.
https://links.sgx.com/FileOpen/1412_CDL_...eID=642250 Stay home and stay safe, everyone.
CDL - Kwek Leng Beng
Of late, issues of corporate governance and gender diversity have been hotly debated. Having sat on various boards of the Hong Leong Group for over 40 years and served as Executive Chairman of CDL since 1995, I believe I have sufficient experience to assess what makes a successful board. When the management presents a business strategy, the Board should ask tough questions and raise concerns openly and robustly. Recommendations and constructive advice can be made to refine the strategy. But once a collective decision is made, unanimously or by majority votes, a director who may have disagreed, should now support its successful implementation. Recently, the CDL Board has undergone changes. As Chairman, I thank the outgoing Directors for their past contributions. Over the last three months, CDL has evaluated its Board composition, Board Committees and qualifications of its members. The departures of several directors offer CDL an opportunity to renew its Board bench. Accordingly, we have recruited new Independent Non-Executive Directors with diversified skill sets and perspectives. Each of them brings to the table different industry experience at senior levels. I advocate the adage “Effective people are not problem minded. They are solution minded. They feed solutions and starve problems.” https://links.sgx.com/FileOpen/CDL_Execu...eID=644541 Kwek ended his letter with an excellent adage. It's very clear, at least from Kwek's point of view, the new team would be able to feed solutions and starve problems. Putting the decision to invest in China, whether it's right or wrong aside, we should expect some teething problems to be solve. With the new team, CDL should be in a better position to solve them head-on. Am I right?  Stay home and stay healthy, everyone.
13-01-2021, 12:34 AM
Any thoughts where the problem that needed solutions come from? ?
Those resigned are not new directors either that doesn’t know the rules of engagement.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
Think Asset-Business-Structure (ABS)
CDL
@S - the chicken have come back to roost? the Group expects to make provisions for a material impairment loss on the investment. https://links.sgx.com/FileOpen/2101_CDL....eID=645733 Stay home and stay healthy, everyone.
The portion highlighted in bold probably sums it all up. Could this be the reason for KLP quitting as well?
It is also rare to see KLB himself to reveal internal disagreements, when he himself made it quite clear about the actions of his cousin's quitting a few months back. But he is keeping truth to his word to "solve the problems". The April2020 announcement shows that CDL holds a controlling stake at the offshore holding company and also the property holding company. I guess when you are investing overseas, you still need to play along to your minority local partner. CDL charts next steps for Sincere, hotels after S$1.92b loss CDL hopes to put the Chinese firm’s troubles behind it soon. Executive chairman Kwek Leng Beng declared at the results briefing: “We should not keep talking about Sincere… We must now forget about all these old subjects… We must look forward.” He added that he wants to move on to the next chapter to grow the company, and there are “many things to do” and “things are moving fast”............ .......... Although Sincere owns many assets, consent from its chairman Wu Xu is required before CDL can monetise them; “unfortunately”, he “has a different view from us”, Mr Kwek said. He hopes Mr Wu will cooperate more with CDL. https://www.businesstimes.com.sg/compani...s192b-loss April2020 announcement on 50.01% stake in Sincere: https://links.sgx.com/FileOpen/1504_CDL_...eID=606924 (pg13 is the structure) 
https://www.businesstimes.com.sg/compani...ity-crunch
CITY Developments Limited (CDL) on Thursday said Sincere Property Group has "misrepresented" the circumstances of CDL's investment in the China developer as well as the relationship between the two parties. Sincere Property's mega project Zhengzhou Financial Island, which comprises offices,serviced apartments, hotels, a retail mall and cultural centres. CDL noted that the liquidity issue Sincere faces was "inherent" even before its investment. The Singapore-listed property giant was responding to claims by... CDL didn't do DD? :O so easy to "misrepresent"? can uphold claim in china's court of law? :O gosh! :O Sincere accuses CDL of holding up decision making, Companies & Markets - THE BUSINESS TIMES
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same! 3) CASH in hand is KING in BEAR! 4) In BULL, SELL-SELL-SELL!
13-03-2021, 01:43 PM
(This post was last modified: 13-03-2021, 01:48 PM by specuvestor.)
Anecdotally there seems to be some internal fighting between CDL and Sincere on the control which likely escalated to internal disagreement within CDL whether to pull the plug. Foot in the door or face saving? But likely a burn big enough to tear up the CDL board.
When there’s one cockroach in the open...
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward
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