SINGAPORE – Three years ago, CapitaLand Development (CLD) emerged as the private development arm of Singapore’s biggest developer upon the group’s restructuring and the listing of CapitaLand Investment as a separate entity.
The thinking behind the restructuring was straightforward: Stock market investors generally do not like long gestation projects, the reason many listed developers trade at a discount to net asset value. Hence, most of the CapitaLand development projects – a good part of them in China – were shifted to the private arm, and wholly owned by investment firm Temasek.
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