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BRIEF-City Developments To Acquire 51.01% Joint Controlling Stake In Sincere Property Group

Reuters SG

April 15 (Reuters) - City Developments Ltd:

* CDL TO ACQUIRE 51.01% JOINT CONTROLLING STAKE IN SINCERE PROPERTY GROUP FOR RMB 4.39 BILLION

* PART OF INVESTMENT QUANTUM TO BE UTILISED TO REPAY RMB 2.75 BILLION LOAN EXTENDED BY CDL TO SINCERE PROPERTY

* UPON COMPLETION, CDL TO HOLD JOINT CONTROLLING INTEREST IN SINCERE PROPERTY VIA OFFSHORE INVESTMENT VEHICLE

* CALL OPTION TO ALSO BE GRANTED TO CDL TO BUY ADDITIONAL 9% EFFECTIVE INTEREST IN SINCERE PROPERTY FOR RMB0.77 BILLION Source text for Eikon: Further company coverage: