CDL spent most of this year telling investors a plan was coming. On Monday it delivered one. The stock fell 8.1%. City Developments closed at S$7.59 on 28 September, down from S$8.26 the Friday before. It was the worst performer in the Straits Times Index that day, while the STI itself rose 0.3%. Nearly 12 million shares changed hands, about five times its average over the previous seven trading days. Nor was it a one-day blip. On Tuesday the stock fell another 2.1% to S$7.43. That’s 10% gone in two sessions. By Wednesday the selling had eased, with the stock slipping just 0.5% to S$7.39. On paper it’s the plan shareholders have been asking for since the boardroom fight of 2025. That February, executive chairman Kwek Leng Beng tried to remove his son Sherman as CEO over poor investment decisions and took him and six directors to court. Within a month the lawsuit was dropped, father and son made peace, and both kept their jobs....