Kwek Leng Beng speaks at a news conference in Singapore, on August 11, 2017.
Nicky Loh/Bloomberg
City Developments—controlled by billionaire Kwek Leng Beng—said Thursday that continuing losses at its hotels amid pandemic-induced travel restrictions is offsetting robust homes sales across Singapore, Australia and China.
The Singapore-listed developer posted a S$32.1 million ($23. 7 million) net loss in the first-half ended June 30, compared with a profit of S$3.1 million the year before. The group’s revenue increased by 11% to S$1.2 billion, boosted by an increase in housing sales. However, income from its hotel and commercial properties declined as governments enforced lockdowns to contain the spread of coronavirus.
City Developments’ results have also been impacted by higher tax expenses and financing costs. Ongoing financial troubles at its cash-strapped Chinese subsidiary Sincere Property, which is facing bankruptcy claims in China from…