Business Strategy and Outlook
| Michael Wu, CAIA |City Developments, or CDL, is a diversified real estate development group based in Singapore. Since the 1990s, the business has expanded from residential development to commercial developments and hotel management. Approximately 45% of the group's earnings come from residential development, and 55% from investment properties and hotel management. The latter generates recurring income for the group. The group has taken steps to diversify away from Singapore. Revenue and earnings contribution from the city-state declined to below 50% of total revenue and total assets. We expect this to continue as the group increases the proportion of recurring income.