NEWSLETTER

Sign up to read weekly email newsletter
Asia Tech Times
Donate
Search
  • Home
  • Breaking News
  • Business
  • Finance
  • Medical
  • Political
Reading: Shares Of Singapore Residential Property Titan Downturn Amidst Father-Son Fight For Control
Share
Font ResizerAa
Asia Tech TimesAsia Tech Times
  • Finance
  • Technology
Search
  • Home
  • Categories
    • Finance
    • Technology
  • More Foxiz
    • Blog Index
    • Forums
    • Complaint
    • Sitemap
Follow US
Made by ThemeRuby using the Foxiz theme. Powered by WordPress
Breaking News

Shares Of Singapore Residential Property Titan Downturn Amidst Father-Son Fight For Control

By Asia Tech Times
Last updated: 04/05/2025
4 Min Read
Share

Data: Kwek Leng Beng of Right City Advancements Ltd. and Sherman Kwek, CHIEF EXECUTIVE OFFICER … [+] Authorities, at an interview on February 21, 2019. Professional Photographer: Ore/Bloomberg

© 2019 Bloomberg Money LP

Profession returned to on Monday in a board fight to manage among Singapore’s the majority of important provided property firms, with shares of City Growth Limited (CDL) recuperating on Monday.

While CDL ensures the continuous conflict in between Exec Chairman Kwek Leng Beng and his child Sherman Kwek “service procedures stay totally practical and untouched,” the business’s chief executive officer’s child Sherman Kwek’s supply dropped 7% in the early morning, in advance of its minimum given that March 2009.

” Considered that we believe the business’s share rate is not likely to be with this sagging impact, we’re devaluing the supply to hold,” Uob-Kay Hian expert Adrian Loh created in a note Thursday.

The battle on the extremely public board gets on the limelight of among Singapore’s richest households, with a projected total assets of $11.5 billion.

Recently, Kwek, 84, took legal action against Sherman, 49, to manage the family members’s crown jewelry, Urban Growth, and the business has prize properties that have such as Singapore’s Raffles CBD and the historical Watermark Site St. Katharine anchors, whose disgust is honestly publicly.

According to the business’s report, the business reported that its internet revenue in 2024 dropped by 37%, below the previous year to S$ 201.3 million ($ 150.5 million).

Senior Kwick declared his child and others “attempt to stroke of genius at the board degree.” The chairman charged Sherman of conspiring with some board participants to eliminate control by altering the make-up of the board by assigning 2 brand-new supervisors without the election board evaluation.

” We have actually not attempted to get rid of the chairman,” Sherman answered back in a declaration Thursday. Sherman additionally disclosed that the conflict was partially because of worries that his dad’s professional Catherine Wu had actually been conflicting in the events of Centuries & Copthorne Hotels, a subsidiary of city growth subsidiary, and increased extremely major company administration problems.

” As a result of the lasting partnership with the Chairman, the initiatives made to take care of the circumstance have actually been delicate however fruitless,” Sherman stated. “This profited us from lawful recommendations, with a resolution recommending to end Wu’s advising contract with the M&C board.”

Singapore’s High court listened to Senior Kwick’s instance versus Sherman at a shut conference tomorrow. The chairman asserts that Sherman and some board participants have actually bypassed the election board two times in the previous couple of weeks. “That’s why we need to submit a court application,” Senior Kwick stated in a declaration late Friday. “In this time of significant chaos, it is needed to safeguard the rate of interests of CDL and its investors.”

The older Kwek, in addition to his late sibling, kwek size joo and their dad, Kwek Hong Png, acquired the shed city growth in 1971 and changed it right into among the city’s biggest property programmers with a market price of S$ 4.4 billion. Kwek Leng Beng is additionally the exec chairman of the independently had Hong Leong Team, which was established by his dad in 1941 as a trading business. His relative Quek Leng Chan (additionally a billionaire) has and runs a different team in Malaysia, additionally referred to as Hong Leong, and the name equates to “great harvest”.

Kwek Leng Beng.

Hong Kong Team

TAGGED:battlecontrolFatherSongiantPropertysharesSINGAPOREslump

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print

SUBSCRIBE NOW

Subscribe to our newsletter to get our newest articles instantly!

HOT NEWS

Billionaire Li Ka-Shing’s Drug Maker Hutchmed Sells $608 Million Stake In Cardiovascular Joint Venture

Li Ka-shing, a senior adviser to CK Hutchison, which controls Hutchison Healthcare. Zhang Wei/China News…

09/07/2025

China’s CATL Really feels the Pinch of a Lithium Cost Downturn it Developed

Years of long-lasting decreases in lithium costs are currently beginning to take a toll on…

19/03/2025

OpenAI strategies Sora video clip generator combination right into ChatGPT

Sora was released in December 2024 as a standalone internet application, making it possible for…

19/03/2025

YOU MAY ALSO LIKE

Or, a robot washing dishes

Use 3D rendering artificial intelligence robots to perform automated data analysis and have big data digital visualization capabilities … [+]…

Breaking News
30/04/2025

Blackpink’s Lisa To Debut Comics In Addition To New Songs

Blackpink’s Lisa broadens her story in the brand-new comics. No Enjoyment Rap artist, professional dancer, vocalist and Blackpink participant Lisa…

Breaking News
19/03/2025

Obtain An Adrenaline Thrill From The Tenth Version Of The 30 Under 30 Asia Checklist In Forbes Asia’s June Concern

Forbes Asia June 2025 cover Forbes Asia o Ften Crucial Element An effective company is an owner or chief executive…

Breaking News
06/06/2025

Australian Billionaires Forrest And Rinehart Transform Iron Ore Into Gold

As guaranteed by middle ages sorcerers, nobody has actually ever before had the ability to transform introduce gold, however 2…

Breaking News
10/05/2025

Asia Tech Times (ISSN: 3079-8566) stands as a preeminent authority in technology journalism, delivering profound insights and strategic intelligence on the technological advancements shaping the Asia-Pacific region and beyond. Renowned for its depth of analysis and editorial excellence, the publication serves as a critical nexus for industry leaders, policymakers, scholars, and innovators navigating the evolving digital landscape.

  • Jobs Board
  • About Us
  • Contact Us
  • Privacy Policy
  • Exclusives
  • Learn How
  • Support
  • Solutions
  • Terms And Conditions
  • Editorial Policy
  • Marketing Solutions
  • Industry Intelligence

Follow US: 

Copyright © 2025 Asia Tech Times. All Rights Reserved.

All content published by Asia Tech Times (ISSN: 3079-8566), including but not limited to articles, reports, editorials, graphics, images, logos, and digital media, is the exclusive intellectual property of Asia Tech Times and is protected under international copyright laws and treaties.

Asia Tech TimesAsia Tech Times
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?