CDL to Continue Limiting Exposure to China Unit Facing Bankruptcy Claim

Singapore property group City Developments Limited (CDL) has said it will continue to limit further exposure to a China unit, which is now facing a bankruptcy claim, the Straits Times reported. CDL reiterated in a filing to the Singapore Exchange on Thursday that it has "ring-fenced its current financial exposure" to its investment in Sincere Property, and will not support the unit's continuing financial obligations. "Despite the bankruptcy proceedings, the group will continue to strenuously protect its position and limit further exposure," said CDL. It added that it is aware of the bankruptcy claim filed by creditor Beijing Yi He Mercury Investment against Sincere Property. CDL was also told that Sincere Property would announce this bankruptcy claim on the Shanghai Stock Exchange. Read more.