Only One Cent

Shing Huei Peh

Chapter 4 in Strictly Business:The Kwek Leng Beng Story, 2023, pp 37-44 from World Scientific Publishing Co. Pte. Ltd.

Abstract: When racial riots broke out in Kuala Lumpur in Malaysia in 1969 and spilled over to neighbouring Singapore, it was the final blow to beleaguered small property developer City Developments Limited. Seven days of clashes between Malay mobs and Chinese triads in Singapore left some 80 injured and four dead. Investors’ confidence, already at a low after the 1967 announcement by the British of their military withdrawal east of Suez, sank even lower. City Developments, or CDL as it is popularly known, was frantically trying to channel funds from its moribund Malaysian projects in southern Johor Bahru to Singapore, but its liquidity was extremely tight. It was desperate…

Keywords: Kwek Leng Beng; Hong Leong Group; Hong Leong; Singapore; Millennium Hotel; Millenium Hotel; 9/11; The Plaza; authorised biography; CDL; City Development Ltd; Donald Trump (search for similar items in EconPapers)
JEL-codes: L2 L21 L26 L85 M1 M13 M16 R3 (search for similar items in EconPapers)
Date: 2023
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