City Developments Limited (NASDAQ:CDEVY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “City Developments Limited (CDL) is one of the largest real estate companies of Singapore. By market capitalization, the firm’s income-stable and geographically-diversified portfolio comprises residences, offices, hotels, serviced apartments, integrated developments and shopping malls. CDL has hotel assets in one of the world’s largest hotel groups – its London-listed subsidiary, Millennium & Copthorne Hotels plc (M&C), has over 130 hotels globally, many in key gateway cities. Globally, CDL has developed over 40,000 homes and is one of Singapore’s largest commercial landlords, with one of the biggest land banks amongst Singapore private-sector developers. Building on its track record of over 50 years in real estate development, investment and management, CDL has developed growth platforms in five key international markets – UK, US, China, Japan and Australia. The Company is also leveraging its stable of prime assets and growing its real estate funds management business. “

City Developments Limited (NASDAQ CDEVY) traded down 0.22% on Monday, hitting $8.87. The stock had a trading volume of 2,398 shares. The firm has a market capitalization of $8.07 billion and a price-to-earnings ratio of 18.25. The company’s 50 day moving average is $7.94 and its 200-day moving average is $7.33. City Developments Limited has a 1-year low of $5.47 and a 1-year high of $8.89.

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About City Developments Limited

City Developments Limited is a real estate operating company with its presence spanning approximately 100 locations in over 30 countries. The principal activities of the Company are those of a property developer and owner, and investment holding. The principal activities of the subsidiaries are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management and provision of consultancy services, hospitality-related information technology, procurement services and provision of laundry services.

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