City Developments, the property group controlled by one of Singapore’s wealthiest families, fell after it unveiled a plan to invest S$5 billion ($3.9 billion) in countries including China and Japan, largely offsetting a divestment drive.

The firm aims to divest S$6 billion of assets either via sales or by putting them in vehicles it manages, it said in an exchange filing Monday. Shares of CDL dropped as much as 5%, the biggest intraday decline since March.

The company’s outlook and succession plans have been a subject of intense discussion among investors after a legal tussle between patriarch Chair Kwek Leng Beng and his eldest son, Chief Executive Officer Sherman Kwek, in early 2025. The duo later agreed to settle their differences.

CDL also unveiled plans to set up a dedicated fund management entity with an investment committee and leadership team to double assets under management to S$10 billion by 2029, via new real estate investment trusts, funds, partnerships and joint ventures.

The market reaction signals investors are growing impatient with the CEO’s ability to deliver after a mixed leadership tenure since 2018. Shares of CDL are now down this year, versus a 23% increase in the benchmark Straits Times Index.