Urban Development (CDL) is no longer Singapore's largest local listed real estate developer due to its downward opening on Monday (March 3).

As of 3 p.m., the market value of Urban Development fell to 4.5 billion yuan, lower than that of Huaye Group (UOL), controlled by the late banker Huang Zuyao family, with a market value of 4.62 billion yuan.

After the opening of the market, the stock price of Urban Development fell 7% at one point, hitting its lowest level since 2009 and rebounded.

Huaye Group climbed 1.7% to 5.49 yuan.

CapitaLand Investment, the largest local real estate company listed on the SGX, reorganized its business in 2021 to privatize its real estate development business. The listed business mainly includes asset management.

Further reading

High Court instructs both parties to take no action against the two subsidiaries

High Court instructs both parties to take no action against the two subsidiaries

Many securities banks lowered their urban development target prices by as much as 35%

Many securities banks lowered their urban development target prices by as much as 35%