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

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CITY Developments Limited (CDL) is expecting to make provisions for a material impairment loss on its investment in Sincere Property, given the 'ongoing unprecedented challenges' facing China's real estate market, the mainboard-listed company said on Thursday. Read more at The Business Times.

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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