Big Take Inside the Explosive Feud That Rocked Singapore’s Richest Family
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Apr 15, 2025 Sheryl Lee, a Bloomberg reporter based in Singapore, and Dexter Low, Singapore's real estate reporter, dive into the dramatic feud within the Kwek family, owners of City Developments. They explore the lawsuit that shattered the family's image, revealing deep-rooted tensions and legacy concerns. The discussion highlights the ripple effects on investor confidence and the challenges faced by family-run corporations in Asia. The narrative draws parallels with the theme of 'Succession', showcasing the intricacies of family dynamics in the business world.
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The Plaza Hotel Deal
- Kwek Leng Beng bought the Plaza Hotel from Donald Trump in 1995 for $83 million less than Trump paid.
- This deal, made during Trump's bankruptcy proceedings, cemented Leng Beng's reputation as a shrewd businessman.
Like Father, Like Son?
- Kwek Leng Beng, known for his tough management style, influenced his son, Sherman.
- Sherman, CDL's CEO since 2018, faced scrutiny after a major investment led to the company's first loss in decades.
The Sincere Property Debacle
- Sherman Kwek's $1.9 billion investment in Sincere Property Group resulted in a near-total loss.
- Catherine Wu's involvement further complicated the family dynamics and business operations, leading to a lawsuit.