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Singapore's CDL unveils $1 bln China property deal

SINGAPORE, May 15 (Reuters) - Singapore-listed real estate firm City Developments (CDL) said on Wednesday it intended to invest nearly $1 billion in China including the purchase of an indirect stake in Sincere Property Group.

The main deal, comprising equity and debt worth up to 5.5 billion yuan ($800 million), will see CDL acquire a 24% indirect stake in Sincere Property Group via its offshore investment vehicle, CDL said in statement.

It added it had also entered a deal with Sincere to acquire a 70% stake in a property in Shanghai's business district for 1.2 billion yuan.

The investments would be funded through internal cash and credit facilities.

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"This transformational deal is CDL's single largest investment in China to date," CDL Group CEO Sherman Kwek said.

CDL reported profit of S$199.6 million ($145.7 million) in the first quarter of 2019 on Wednesday, versus S$85.3 million in Q1 2018.

($1 = 6.8737 Chinese yuan renminbi) ($1 = 1.3696 Singapore dollars) (Reporting by John Geddie; Editing by Stephen Coates)