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Only One Cent

In: STRICTLY BUSINESS THE KWEK LENG BENG STORY

Author

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  • SHING HUEI PEH

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…

Suggested Citation

  • Shing Huei Peh, 2023. "Only One Cent," World Scientific Book Chapters, in: STRICTLY BUSINESS THE KWEK LENG BENG STORY, chapter 4, pages 37-44, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811284496_0004
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    More about this item

    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;
    All these keywords.

    JEL classification:

    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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