Kwek Leng Beng, chairman of City Developments, speaks during a news conference in Singapore, on … [+]
NICKY LOH/BLOOMBERG
City Developments—controlled by billionaire Kwek Leng Beng—said Friday the property developer will report further losses in the first half this year amid the lingering impact Covid-19 lockdowns and financial troubles at Chinese subsidiary Sincere Property Group.
“Though signs of improvement are evident across the group’s business segments, the prolonged Covid-19 pandemic has led to the reinstatement of tighter measures, including travel restrictions and intermittent lockdowns to contain the outbreak,” the company said Friday in a statement to the Singapore Exchange. “These challenges continue to impact operations, particularly within the group’s hospitality business at its wholly owned subsidiary Millennium & Copthorne.”
Ongoing financial troubles at unit Sincere Property, which is facing…