Zacks Investment Research downgraded shares of City Developments Limited (NASDAQ:CDEVY) from a buy rating to a hold rating in a research 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. “

Shares of City Developments Limited (NASDAQ:CDEVY) traded down 3.0428% during midday trading on Monday, hitting $8.6001. 3,137 shares of the stock traded hands. The stock has a market capitalization of $7.82 billion and a P/E ratio of 17.6957. The firm has a 50-day moving average price of $7.94 and a 200-day moving average price of $7.33. City Developments Limited has a 52 week low of $5.47 and a 52 week high of $8.72.

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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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