Panalpina: Escaping the commodity trap (A)

City Developments Limited (CDL), one of Singapore's largest listed property developers, had been a cornerstone of the Kwek family business empire in Singapore since 1972. With an enterprise value of S$19.5 billion (US$15.1 billion) in January 2026, CDL operated across 168 locations in 29 countries. The company's success was rooted in the vision of Kwek Leng Beng, who helped acquire CDL in 1972 and had served as executive chairman since 1995. In 2018 Kwek Leng Beng's son, Sherman Kwek, was appointed CEO. However, CDL experienced financial setbacks when its property business in China faltered in 2020, leading to the erosion of its balance sheet and the departure of several board members. In early 2025 CDL was thrust into the spotlight again due to a high-profile family feud between Kwek Leng Beng, then aged 84, and his son, Sherman Kwek, over allegations of a boardroom coup, followed by public criticism over alleged governance lapses in CDL. Could CDL's Kwek family overcome this latest episode of family drama?

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