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Sherman Kwek

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Sherman Kwek
Sherman Kwek
NationalitySingaporean
EducationBoston University (BSBA)
OccupationBusiness executive
CompanyCity Developments Limited
TitleGroup Chief Executive Officer

Sherman Kwek Eik Tse is a Singaporean businessman who has been group chief executive officer of City Developments Limited (CDL), one of Singapore's largest listed property developers and hotel owners, since January 2018. He is the elder son of Kwek Leng Beng, the company's executive chairman, and a member of the family that controls the Hong Leong Group in Singapore.[1][2]

Kwek began his career in venture capital and investment banking in New York, worked in hotel management and real estate private equity, and held senior posts at several listed companies associated with the Hong Leong group before joining CDL around 2010 to set up and lead its China business. He later served as the company's chief investment officer and deputy chief executive, and was named chief executive designate in August 2017 after the resignation of Grant Kelley.[3][4]

His tenure has included the 2019 privatisation of the hotel group Millennium & Copthorne Hotels, an expansion into rental housing and student accommodation in several countries, and the 2020 purchase of a controlling stake in the Chinese developer Sincere Property Group. The Sincere investment led to a S$1.78 billion impairment and a full-year loss of S$1.9 billion for 2020, the company's first annual loss since the early 1970s, and CDL sold its stake for a nominal sum in 2021.[5][6][7]

In February 2025 Kwek Leng Beng began legal proceedings against his son and six other directors over the appointment of two independent directors, describing the board's actions as an attempted "coup" and seeking Sherman Kwek's removal as chief executive. Sherman Kwek denied trying to oust his father. The elder Kwek withdrew the suit on March 12, 2025, and both men kept their posts.[8][9] As of October 2026 he remained group chief executive, and in September 2026 he presented a three-year strategy, called GET+, that set targets of S$5 billion of investments and S$6 billion of divestments through the 2029 financial year.[10][11]

Early life and education

Sherman Kwek is the son of Kwek Leng Beng, who has been executive chairman of CDL since January 1995, led the Hong Leong group's takeover of the company, and inherited the Hong Leong group from his own father, the tycoon Kwek Hong Png.[1][2] His cousin Kwek Eik Sheng, a nephew of Kwek Leng Beng, is CDL's group chief operating officer, and his uncle Kwek Leng Peck, a cousin of Kwek Leng Beng, sat on the CDL board from 1987 to 2020.[8][12][2]

Reported ages place his birth in the mid-1970s: Mingtiandi gave his age as 42 in August 2017, Bloomberg as 45 in January 2021, and Malay Mail as 49 in February 2025.[1][4][13]

He studied at Boston University in the United States, graduating with a Bachelor of Science in Business Administration with majors in finance and marketing and a minor in psychology.[3][2]

Career

Early career

Kwek started his career in New York, working in venture capital and investment banking, before joining the United States division of Millennium & Copthorne Hotels, the hotel group controlled by CDL. He also worked at RECAP Investments Limited, a real estate private equity fund. According to CDL, his early career covered technology venture capital, investment banking, hospitality management and real estate private equity, and he has worked in New York, Hong Kong, Shanghai and Singapore.[3][2]

He went on to hold senior roles at listed companies linked to the group. He served as chief operating officer of Thakral Corporation and as an executive director of HL Global Enterprises, both listed in Singapore, and then as chief executive of City e-Solutions, a Hong Kong-listed company that was formerly a CDL subsidiary.[3][2]

CDL China and investment roles, 2010 to 2017

According to Bloomberg, Kwek joined the company in 2010 as chief executive of its new China subsidiary, CDL China Limited, with responsibility for the company's expansion in that country.[4] The company's own account says Kwek was for a period concurrently its chief investment officer and chief executive of CDL China, and that he led the group's expansion in China, Japan and Australia for more than a decade.[2][3] In his earlier roles at the company Kwek set up its presence in Japan and Australia and helped it acquire sites in Shanghai, Suzhou and Chongqing.[1]

In April 2016 Kwek became deputy chief executive of the company and executive chairman of CDL China Limited, a post he still held as of 2026.[1][3] He worked under Grant Kelley, a former head of real estate at Apollo Global Management who had become CDL's chief executive in January 2014. Under Kelley the group invested about S$3.5 billion in overseas markets and raised more than S$3.5 billion in funds under management, as part of a push that Kwek Leng Beng said at the time was meant to make the company "less Singapore-centric".[1]

Appointment as chief executive, 2017 to 2018

In August 2017 Kelley resigned after more than three and a half years as chief executive to take up the top job at the Australian retail landlord Vicinity Centres. The company named Kwek, then 42, chief executive designate with immediate effect and said he would assume full responsibility as chief executive on January 1, 2018. The two men worked alongside each other for the rest of 2017 to manage the handover, and the board said it would recruit a senior private equity professional to keep up the momentum of the funds management and acquisition programmes begun under Kelley.[1]

At the time the company had a market capitalisation of nearly S$11 billion, owned the London-listed Millennium & Copthorne Hotels, and had built more than 40,000 homes. Mingtiandi noted that the appointment put a member of the Kwek family in charge of a business his father had run since the Hong Leong group took control of it.[1]

Group chief executive, 2018 to 2024

Kwek took over as group chief executive in January 2018 and was appointed an executive director on May 15, 2019.[2] Since 2018 he has also overseen the Singapore and United Kingdom businesses.[3] Under him the company adopted a strategy it called Growth, Enhancement and Transformation (GET), intended to expand its presence at home and abroad, enhance its existing portfolio, strengthen recurring income, build a fund management business, and pursue transformation through strategic investments and innovation.[3]

Bloomberg reported in January 2021 that during his first three years Kwek engineered the privatisation of Millennium & Copthorne Hotels, set up a fund management division, increased the group's stake in a Singaporean real estate investment trust, and created a commercial REIT of British office properties.[4] The Millennium & Copthorne buyout, valued by Mingtiandi at £776 million, was completed in November 2019, shortly before the COVID-19 pandemic closed much of the world's hotel trade.[12][5]

The largest single bet of his early tenure was Sincere Property Group, a developer based in Chongqing. Kwek signed the first deal with Sincere in May 2019, by which time he had known its founder and chairman, Wu Xu, for about a decade, and in April 2020 the company took a 51 percent controlling interest for an initial investment of RMB 4.39 billion.[4][14] The pandemic, and China's "three red lines" limits on developer borrowing, left Sincere short of cash, and the investment produced the largest loss in the company's modern history (see Major deals and strategic decisions).[6]

The Sincere deal and the handling of Millennium & Copthorne divided the board. Kwek Leng Peck, Sherman Kwek's uncle, resigned as a director in October 2020, citing disagreements over both. He was followed in December 2020 by Koh Thiam Hock, a former vice chairman of Bank of America in Singapore, and in January 2021 by Tan Yee Peng, a former KPMG partner, who the company said "disagreed with the board and the management about the handling of the investment after the acquisition".[12] Mak Yuen Teen, an associate professor of accounting at the National University of Singapore, told Bloomberg at the time that Sincere was "probably a make or break deal to either cement his role or to call for change in leadership".[4]

After the Sincere exit in September 2021, the company recovered. In the first half of 2022 it reported a record net profit of S$1.1 billion, driven by the sale of the Millennium Hilton Seoul and a S$492.4 million gain from deconsolidating CDL Hospitality Trusts. Kwek said at the time that the company's expansion into the living sector "has started to bear fruit as we gradually build up scale and diversification", pointing to rental apartment sites in the UK, Japan, Australia and the US and a first purpose-built student accommodation deal in Britain.[15] Full-year profit attributable to shareholders reached S$1.29 billion in 2022, before falling to S$317 million in 2023 and S$201 million in 2024.[16]

Boardroom dispute, 2025

On February 7, 2025, the company announced the appointment of two new independent directors, Jennifer Duong Young, a former Credit Suisse executive, and Wong Su Yen. Kwek Leng Beng later said that the nominations had been put forward on January 28 by directors Philip Lee and Wong Ai Ai, that the chairman of the nominating committee had not been told, and that a written resolution approving them was passed within hours of a February 7 board meeting at which no vote was taken. On February 8 he emailed the board seeking Sherman Kwek's dismissal as group chief executive, describing his son's role in the appointments as "the latest of a long series of missteps". The board, led by Lee, objected on February 9.[17]

The board also merged its nominating and remuneration committees into a single Nominating and Remuneration Committee, made up entirely of independent directors, on February 21, 2025.[18] Kwek Leng Beng said the change was intended to sideline independent oversight and left him without a seat on the committee that decided board appointments.[17] On the same day the majority of the board passed resolutions to end the advisory agreement of Catherine Wu, an adviser to the Millennium & Copthorne board and a long-time associate of the chairman.[13]

Kwek Leng Beng filed court papers on February 25, 2025. On February 26 he issued a statement accusing his son and a group of directors of an attempted "coup" and saying, "As a father, firing my son was certainly not an easy decision." He also cited the Sincere loss, what he called poor returns from British property ventures, and the fall in the share price since 2018.[8] The company's 2024 results briefing was cancelled and trading in its shares was halted.[17]

Sherman Kwek responded the same day that it was "incredibly disappointing that our chairman and a minority of the CDL board have decided to take these extreme actions" and that the dispute had "never been about ousting our esteemed chairman".[8] On February 27 he identified Catherine Wu as the source of the conflict, accusing her of "interfering in matters going well beyond her scope", and said the resolutions about her role were "necessary to protect the interests of the shareholders and relevant staff of the CDL Group, and to restore proper corporate governance and accountability". He said the minority directors had served the majority with court papers about two and a half hours before an urgent hearing on February 26, that the majority had given voluntary undertakings to preserve the status quo until a full hearing, and that the court had made no substantive orders.[13] Wu resigned from her advisory role on March 4.[9]

Malay Mail, citing The Straits Times, reported that senior establishment figures and family friends then stepped in to mediate. On March 12, 2025, Kwek Leng Beng withdrew the lawsuit and said that all board members had agreed to set aside their differences: "I will continue in my role as executive chairman, and Sherman will continue as group chief executive officer." The company's shares had fallen to a 16-year low during the dispute and rose 3 percent to S$5.09 on March 13.[9][19]

At the annual general meeting in April 2025, director Philip Yeo criticised the director appointments, but shareholders voted overwhelmingly to keep all five independent directors on the board. Sherman Kwek acknowledged at the meeting that the leadership crisis had weighed on the share price and investor confidence.[20] Yeo retired from the board on July 31, 2025.[21] Kwek Leng Peck, who had left the board in 2020 over the Sincere deal, rejoined it as vice chairman on June 1, 2026.[2]

Strategic review and GET+, 2025 to 2026

After the dispute, Kwek's management team stepped up asset sales. In his statement in the 2025 annual report he described the year as "a year of reflection, resilience and disciplined execution", and said the company had secured about S$2 billion of contracted divestments, three times the 2024 total, while investing S$1.7 billion in three Singapore government land sites and the Holiday Inn London Kensington High Street.[22][23] He also said the company had stepped up engagement with investors and analysts, which had given it "valuable insights into market expectations and perception gaps".[23]

In August 2026 he said that the outcome of a strategic review would be announced by the end of September, setting out "the future strategic direction, capital allocation framework and implementation roadmap for our next phase of value creation".[24] On September 28, 2026, Kwek presented the result, a three-year plan called GET+ covering the 2027 to 2029 financial years. It set targets of S$5 billion of new investment, with Singapore as the main market, S$6 billion of divestments including about S$1.8 billion of hotels, more than S$1 billion of profit from divestment gains, a net gearing ratio of about 55 percent, a dividend payout of at least 35 percent of profit, and a doubling of assets under management to S$10 billion through a dedicated fund management entity. Kwek said the plan's "3-4-5-6 roadmap and measurable outcomes" provided "greater accountability for what we need to deliver".[10]

Leadership and management style

Kwek's tenure has been marked by a willingness to make large overseas and structural bets. He described the Sincere partnership in April 2020 as "a major milestone in CDL's history" and "a game-changing investment" that would "firmly establish CDL as a major player in China's property sector".[14] When the investment was written down, he acknowledged that the deal had not gone as planned: "To be candid, the one thing that was far more difficult, challenging and complex than we expected was the debt restructuring," he said in February 2021, adding that "things have panned out differently from what we have anticipated".[6]

He has repeatedly emphasised recurring income. Under Kwek the group built up a portfolio of private rented apartments and student housing that by early 2026 comprised about 5,240 operational and pipeline rental units and 2,400 student beds across Singapore, Japan, the UK and Australia, with a gross development value of S$3.7 billion; Kwek described it as "a strong cornerstone for our fund management ambitions".[23]

The 2025 dispute turned on governance. Sherman Kwek and the board majority presented their moves, including the new directors, the merged committee and the termination of Catherine Wu's advisory role, as steps "to improve governance", while his father argued that they bypassed the nominating committee and concentrated power.[8][17] The GET+ plan, announced in 2026, was framed by Kwek around "greater accountability" and measurable targets.[10]

Major deals and strategic decisions

  • Millennium & Copthorne Hotels privatisation (2019). The group completed its buyout of the London-listed hotel company, reported by Mingtiandi at £776 million, in November 2019. Bloomberg credited Kwek with engineering the deal; Kwek Leng Peck had reservations about it.[4][12][5]
  • Sincere Property Group (2019 to 2021). The investment, the company's single largest in China, expanded its presence there from three cities to about 20. Total investment grew from an initial RMB 4.39 billion to about S$1.8 billion by the end of 2020. In February 2021 the company booked a S$1.78 billion impairment, 93 percent of the investment, contributing to a loss attributable to shareholders of S$1.9 billion for 2020. A special working group, assisted by Deloitte China, was set up to improve Sincere's liquidity, and in February 2021 the company bought 84.6 percent of the company holding the Shenzhen Longgang Tusincere Tech Park for RMB 850 million.[5][14][6] In September 2021, under Kwek, the company agreed to sell its 51 percent effective stake in Sincere to a Seychelles-incorporated buyer for a nominal consideration reported as $1, and took over Sincere's remaining interest in the Shenzhen park as partial repayment of loans, giving the group an effective 65 percent stake in that project. The company said the deal let it "avoid being engaged in a possibly long drawn bankruptcy reorganisation of Sincere".[7][25]
  • Millennium Hilton Seoul and CDL Hospitality Trusts (2022). The sale of the Seoul hotel to IGIS Asset Management for KRW 1.1 trillion and the deconsolidation of CDL Hospitality Trusts helped produce a record first-half profit in 2022.[15]
  • Living sector expansion (2018 onward). Purchases of rental housing in Japan, the UK, Australia and the US, and student accommodation including a £59.2 million property in Coventry in 2022.[15][23]
  • 2025 capital recycling. Divestments included the group's 50.1 percent stake in the South Beach development in Singapore to its partner IOI Properties, based on an agreed property value of S$2.75 billion; the Bespoke Hotel Osaka Shinsaibashi for JPY 14 billion; the 1250 Lakeside apartments in Sunnyvale, California, for US$143.5 million; and Quayside Isle on Sentosa Cove for S$97.3 million. Acquisitions included the freehold Holiday Inn London Kensington High Street for £280 million and government land sites at Lakeside Drive (S$608 million), Senja Close (S$252.9 million) and Woodlands Drive 17 (S$360.9 million).[26][27]
  • Millennium & Copthorne Hotels New Zealand (2025). A group subsidiary offered NZ$2.25 a share, later raised to NZ$2.80, to take the New Zealand-listed hotel company private. The offer closed in May 2025 with the group holding 83.9 percent, short of the 90 percent needed for compulsory acquisition, so the company stayed listed.[27]
  • GET+ (2026). The three-year plan described above, with S$5 billion of investments and S$6 billion of divestments targeted through 2029.[10]

Financial and market performance

The company's share price was about S$12.18 when Kwek took over in January 2018 and closed at S$5.12 on February 25, 2025, the day before the trading halt over the boardroom dispute.[8] Kwek Leng Beng cited this decline when seeking his son's removal.[8]

CDL results, 2020 to 2025 (S$ million)[5][16]
Year Revenue Profit attributable to shareholders Net gearing including fair value of investment properties
2020 2,108 (1,917) 62 percent
2021 2,626 85 61 percent
2022 3,293 1,285 51 percent
2023 4,941 317 61 percent
2024 3,271 201 69 percent
2025 3,587 630 71 percent

In 2019, the year before the Sincere write-down, the company earned S$564.6 million on revenue of S$3.4 billion.[5] In 2020 revenue fell 38.5 percent, with hotels accounting for 81 percent of the decline, and the dividend was cut to 12 cents a share from 20 cents.[5] The 2025 results tripled profit to S$629.7 million, helped by record Singapore residential sales of S$4.35 billion across 1,657 units.[28][22] In the first half of 2026 the company reported revenue of S$2.7 billion and profit of S$301.6 million, against S$91.2 million a year earlier, with net gearing of 75 percent after spending on two new government land sites.[24] In October 2026 the company's Lucerne Grand project sold 350 of its 570 units on its launch weekend.[11]

Compensation

Kwek's total remuneration for 2025, including amounts paid by subsidiaries, was S$5,080,226. Fixed salary made up 19.5 percent, short-term incentive 49.8 percent, long-term incentive 26.6 percent, board and committee fees 2.4 percent and other benefits 1.7 percent. His father's remuneration for the same year was S$7,424,220.[21] The company's short-term bonus for its chief executive is based on a scorecard that includes revenue, profit, fund management and divestment targets and progress on its net zero carbon roadmap; the long-term incentive is a cash award over three years tied to total shareholder return, earnings per share, return on capital and reductions in greenhouse gas emissions.[29]

Board memberships and outside roles

As of November 2026, the company listed the following positions for Kwek in addition to his executive roles:[2]

  • Executive director of CDL since May 15, 2019, last re-elected April 29, 2026, and a member of its Board Sustainability Committee
  • Executive chairman, CDL China Limited
  • Non-executive director, IREIT Global Group, manager of the Singapore-listed IREIT Global
  • Non-executive director and chairman of the property committee, Singapore Health Services
  • Member of the board of trustees and of the campus development advisory committee, Singapore Management University
  • Member of the board of trustees and chairman of the investment committee, Chinese Development Assistance Council
  • Member of the healthcare infrastructure and planning committee and adviser to the standardisation review committee, MOH Holdings
  • Core council member, Singapore Chinese Chamber of Commerce and Industry
  • Member of the advisory board, National Youth Achievement Award
  • Patron, Securities Investors Association (Singapore)

Controversies

Sincere Property

The Sincere investment was the subject of open dissent within the board. Three directors resigned between October 2020 and January 2021, each citing the deal, and the company appointed Deloitte to review the investment in November 2020.[12][14] Bloomberg reported, citing local media, that several large Chinese developers had looked at investing in Sincere before abandoning the idea, and that four of Sincere's domestic bonds had been suspended after missed payments a month before the April 2020 investment.[4][14] Kwek Leng Beng defended the investment at the time, but in 2025 cited it as one of his son's "missteps".[4][8]

2025 board dispute

The father and son dispute over board appointments is described above. Each side accused the other of breaching good governance: Kwek Leng Beng said the board majority had bypassed the nominating committee contrary to the Singapore Exchange listing rules and the Code of Corporate Governance, while Sherman Kwek said the minority directors had tried to "ambush" the majority in court and that the action was not authorised by the board.[17][13][8] David Gerald, president of the Securities Investors Association (Singapore), urged all parties to work towards a "fair and constructive resolution".[17] The suit was withdrawn on March 12, 2025.[9]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 "Sherman Kwek Replacing Grant Kelley as CDL Chief Executive". Mingtiandi. August 11, 2017. Retrieved November 12, 2026.
  2. ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 "Board of Directors". City Developments Limited. Retrieved November 12, 2026.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 "Annual Report 2025: Management Executive Committee". City Developments Limited. 2026. Retrieved November 12, 2026.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 "Scion of Singapore's Richest Clan Strives to Salvage China Deal". Infobae. January 18, 2021. Retrieved November 12, 2026.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 "CDL Records Full Year Loss of S$1.9 Billion Due to Decision to Write Down Sincere Property Investment to Focus on Post COVID-19 Recovery". City Developments Limited via Singapore Exchange. February 26, 2021. Retrieved November 12, 2026.
  6. ↑ 6.0 6.1 6.2 6.3 "Singapore's richest property clan looks ahead after record loss". Yahoo News Singapore. February 26, 2021. Retrieved November 12, 2026.
  7. ↑ 7.0 7.1 "CDL Sells Stake in China's Sincere for $1, Takes Over Shenzhen Tech Park". Mingtiandi. September 11, 2021. Retrieved November 12, 2026.
  8. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 "CDL executive chairman Kwek Leng Beng moves to sack son Sherman as group CEO over attempted boardroom 'coup'". February 26, 2025. Retrieved November 12, 2026.
  9. ↑ 9.0 9.1 9.2 9.3 "Family feud ends: Billionaire Kwek Leng Beng to drop lawsuit against son Sherman". March 13, 2025. Retrieved November 12, 2026.
  10. ↑ 10.0 10.1 10.2 10.3 "CDL unveils GET+ Strategy to accelerate value creation: Sharper focus, stronger capital discipline and sustainable shareholder returns". City Developments Limited. September 28, 2026. Retrieved November 12, 2026.
  11. ↑ 11.0 11.1 "Strong response for Lucerne Grand: 350 units sold on launch weekend". City Developments Limited. October 4, 2026. Retrieved November 12, 2026.
  12. ↑ 12.0 12.1 12.2 12.3 12.4 "Third Director Leaves CDL Board Over Investment in China's Sincere Property". Mingtiandi. January 4, 2021. Retrieved November 12, 2026.
  13. ↑ 13.0 13.1 13.2 13.3 "Behind the CDL boardroom feud: Sherman Kwek blames father's ex-PA, board adviser for power struggle in Singapore". February 28, 2025. Retrieved November 12, 2026.
  14. ↑ 14.0 14.1 14.2 14.3 14.4 "Singapore's CDL Warns of Loss After China Developer Investment Swells to $1.4B". Mingtiandi. January 22, 2021. Retrieved November 12, 2026.
  15. ↑ 15.0 15.1 15.2 "CDL H1 Profit Soars to Record High After Unloading Millennium Hilton Seoul". Mingtiandi. August 11, 2022. Retrieved November 12, 2026.
  16. ↑ 16.0 16.1 "Annual Report 2025: 5-Year Financial Highlights". City Developments Limited. 2026. Retrieved November 12, 2026.
  17. ↑ 17.0 17.1 17.2 17.3 17.4 17.5 "Battle for control: In Singapore, CDL chairman Kwek Leng Beng moves to oust CEO son over alleged boardroom coup". February 26, 2025. Retrieved November 12, 2026.
  18. ↑ "Annual Report 2025: Corporate Governance". City Developments Limited. 2026. Retrieved November 12, 2026.
  19. ↑ "Kwek Leng Beng and son mend CDL dispute after senior figures, family friends step in". March 14, 2025. Retrieved November 12, 2026.
  20. ↑ "City Developments Ltd rocked again by Kwek family dispute, boardroom controversy in Singapore". April 24, 2025. Retrieved November 12, 2026.
  21. ↑ 21.0 21.1 "Annual Report 2025: Disclosure of Remuneration". City Developments Limited. 2026. Retrieved November 12, 2026.
  22. ↑ 22.0 22.1 "Annual Report 2025: Group CEO's Statement". City Developments Limited. 2026. Retrieved November 12, 2026.
  23. ↑ 23.0 23.1 23.2 23.3 "Annual Report 2025: Group CEO's Statement (continued)". City Developments Limited. 2026. Retrieved November 12, 2026.
  24. ↑ 24.0 24.1 "CDL posts revenue of S$2.7 billion and triples PATMI to S$301.6 million for 1H 2026". City Developments Limited. August 13, 2026. Retrieved November 12, 2026.
  25. ↑ "City Developments Surges on $1 Sale of Chinese Real Estate Firm". Caixin Global. September 13, 2021. Retrieved November 12, 2026.
  26. ↑ "Annual Report 2025: Highlights of the Year". City Developments Limited. 2026. Retrieved November 12, 2026.
  27. ↑ 27.0 27.1 "Annual Report 2025: Highlights of the Year". City Developments Limited. 2026. Retrieved November 12, 2026.
  28. ↑ "Annual Report 2025: Chairman's Statement". City Developments Limited. 2026. Retrieved November 12, 2026.
  29. ↑ "Annual Report 2025: Remuneration Matters". City Developments Limited. 2026. Retrieved November 12, 2026.
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