Singapore's City Developments bets big on China

Major Singaporean property developer City Developments announced Wednesday a pair of transactions with China's Sincere Property Group totaling nearly $1 billion, underscoring its faith in the mainland real estate market. In addition, CDL will spend 1.2 billion yuan to purchase from Sincere a 70% stake in Shanghai Hongqiao Sincere Centre, a prime commercial property located in the heart of Shanghai's Hongqiao Central Business District. This raises China's share of CDL's global portfolio allocation to 15% from 9%, placing the market second only to Singapore's 46%.