Quite a few of you have asked that we do a piece on City Developments Limited (CDL) and the entire Sincere saga. It’s a great story, and I had an absolute blast doing the research. I hope you enjoy it as much as I did. Timeline of Sincere Property Group (协信远创) Saga Jan 2018 – Sherman Kwek (son of Kwek Leng Beng the founder – see photo above) becomes the CEO of CDL  May 2019 – CDL announces acquisition of a 24% stake in Sincere Property Group (协信远创) Mid 2019 – China tightened liquidity conditions for real estate players in China, making it much harder to get financing End 2019 – Deal is not completed due to a “variety of factors” 16 April 2020 – CDL renegotiates the deal with Sincere due to COVID-19 in China 21 Oct 2020 – Kwek Leng Peck (cousin of Kwek Leng Beng) resigns because of...