City Developments to invest £850m in Sincere.

City Developments, real estate firm, agreed to invest in Sincere, an established real estate developer in China. The investment consideration, comprising share subscription and a four-year interest-bearing loan, the allocation of which is subject to adjustments and will be finalised upon completion, amounts to a total of ¥5.5b (£0.85b). City Developments to acquire a 70% stake in Shanghai Hongqiao Sincere Centre, prime commercial property in the heart of Shanghai’s Hongqiao Central Business District, for ¥1.2b (£191m). “Since our founding in 1999, Sincere has built a strong presence and reputation in China. CDL’s investment and support will be instrumental in accelerating Sincere’s growth as we continue to increase our land bank and pipeline of properties with the aim of achieving even stronger sales growth.” Wu Xu, Sincere Founder and Chairman