CDL expects 'material impairment loss' on investment in Sincere Property

Details of the group's financial performance will be disclosed when the company announces its financial results for financial year 2020, it added.

Apart from challenges arising from the pandemic, CDL said China's"three red-lines" rule - which restricts bank borrowing for real estate firms - is expected to have significant impact on all Chinese developers. "Furthermore, poor market conditions have derailed the intended divestment plan for some of Sincere Property's retail and hospitality portfolio to reduce its debt, exacerbating the liquidity challenge it currently faces," it added.

It said it has"ring-fenced" its current financial exposure to this investment and will continue to"strenuously" protect its position.

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CDL ranked world's top real estate company on Global 100 indexCITY Developments Limited (CDL) has been ranked the world's top real estate company on the Global 100 most sustainable corporations in the world, and takes the 40th place on the whole index which ranks the world's most sustainable corporations. Read more at The Business Times.
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