Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Allen & Overy regularly advises clients on a broad range of real estate work, including blue chip investments and top real estate financing. The firm’s clients include investors and real estate funds, and A&O’s leading M&A, capital markets and funds ... [more]

Allen & Overy regularly advises clients on a broad range of real estate work, including blue chip investments and top real estate financing. The firm’s clients include investors and real estate funds, and A&O’s leading M&A, capital markets and funds practices help to support the full range of clients’ needs in this sector.

In March 2011, the firm represented a leading financial institution in its role as senior lender on the sale of Shanghai’s The Center to China Pacific Insurance. The deal was valued at approximately US$650 million and involved complex financial agreements on the closing.

A&O’s real estate team also advised Warburg Pincus on its proposed Project Cape acquisition of interest in commercial real estate projects developed by Singapore-listed CentraLand limited. The potential acquisition is particularly complex and involves agreements that include share swaps and warrants that must be compliant with Chinese laws and regulations, as well as Singapore Exchange listing rules. Matthias Voss and Joseph Tse are key construction and real estate partners.

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Baker & McKenzie’s strong connections with companies in the domestic PRC market mean the the firm is well positioned to advise on top real estate deals involving mainland and international players.This year, the firm advised on the mega joint venture ... [more]

Baker & McKenzie’s strong connections with companies in the domestic PRC market mean the the firm is well positioned to advise on top real estate deals involving mainland and international players.

This year, the firm advised on the mega joint venture for the development of Shanghai Disneyland between the Walt Disney Company and state owned Shanghai Shengdi. The JV will result in Disney’s holding a 43% equity stake in the theme park, while Shanghai Shendi will hold 57%. The US$3.6 billion deal represents a first in the history of entertainment partnerships between multinationals and the Chinese government.

In another deal, valued at US$5.53 billion, Bakers advised the Hong Kong public transit MTR Company in relation to the new fourth line of China’s Shenzhen Metro. The public private partnership project involves 30-year term loans. David Smith and Barbara Li are key construction and real estate partners.

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Mayer Brown JSM’s presence in China means that the firm often acts for major developers on projects and acquisitions. The firm also has an active presence in REIT work, and has strong relationships with major developers in both China and Hong Kong.One ... [more]

Mayer Brown JSM’s presence in China means that the firm often acts for major developers on projects and acquisitions. The firm also has an active presence in REIT work, and has strong relationships with major developers in both China and Hong Kong.

One client says: “The firm’s goal of responsiveness is impeccable. Its international presence across a wide range of matters from a bevy of partners puts some distance between itself and the rest of the field, and brings quality legal support closer to home.”

In 2010, Mayer Brown JSM represented Amari Hotels & Resorts in its acquisition of the Shama Group. The firm’s team provided due diligence work and prepared and negotiated the contract for the HK$100 million (US$12.8 million) acquisition.

Mayer Brown JSM also recently advised Swire Properties on its Rmb5 billion TaiKoo Hui Project in Guangzhou. The Guangzhou development includes a shopping mall, five-star hotel and cultural centre on 4,410,000 sq. ft property. Among other things, the project involved leasing 27 floors of office space to HSBC for its Southern China headquarters. Keith Cheung, Andrew MacGeoch and Kevin Owen are all active in the construction and real estate space.

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Orrick’s relationships with top lending institutions, in combination with its leading structured finance and securitisation practice, puts it in a prominent position for cross border real estate work with a finance element.For example, Orrick also has ... [more]

Orrick’s relationships with top lending institutions, in combination with its leading structured finance and securitisation practice, puts it in a prominent position for cross border real estate work with a finance element.

For example, Orrick also has a strong relationship with Standard Chartered Bank, and has completed many real estate financings with it. In September 2010, Orrick’s team advised SCB on the financing and acquisition of the Cross Tower commercial real estate asset in Shanghai’s central business district. The acquisition by Ascendas China included managing and negotiating financing arrangements across Singapore and Hong Kong as well as in mainland China.

Orrick’s regional securitisation practice, led by Michelle Taylor and Donna Healy, also often advises on structured finance products backed by real estate assets. The firm represented SCB on HK$574 million / Rmb148 million term loan facilities secured by PRC commercial real estate. Partner Michael Haworth is well known in the construction and real estate space, while highly regarded structured finance partner Taylor often works on real estate finance work.

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Paul Hastings is known as a heavyweight in the construction and real estate market, especially when it comes to financing deals for real estate developments. The firm has deep relationships with top land holdings companies which use the firm for helping ... [more]

Paul Hastings is known as a heavyweight in the construction and real estate market, especially when it comes to financing deals for real estate developments. The firm has deep relationships with top land holdings companies which use the firm for helping them achieve their goals in China. Partner David Blumenfeld is particularly well regarded in the real estate market.

In December 2010, Paul Hastings’ real estate team advised Hong Kong-listed China SCE Property Holdings in its five-year Rmb2 billion (US$301 million) synthetic offshore Rmb bond. This was unusual in the market because it was issued in Rmb but will be settled in US dollars.

Paul Hastings’ team also advised Sino-Ocean Land on the issuance by its subsidiary Sino-Ocean Land Capital Finance of US$900 million in perpetual subordinated convertible securities. This represented the first convertible securities issuance in Hong Kong and it was also one of the largest equity-linked deals in 2010.

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Skadden Arps Slate Meagher & Flom has a major foothold in the China real estate market because of its top finance partners who regularly structure complex financings for developers. One satisfied client describes Skadden’s work as “superior”.Skadden ... [more]

Skadden Arps Slate Meagher & Flom has a major foothold in the China real estate market because of its top finance partners who regularly structure complex financings for developers. One satisfied client describes Skadden’s work as “superior”.

Skadden recently advised Japanese private equity fund Asuka DBJ Partners on a US$500 million financing for a retail and office property in Beijing. This was made up of a senior non-recourse loan as well as a mezzazine loan and a bridge loan. The deal was unusual in that the loans were advanced to an offshore special purpose company for bankruptcy, and the senior lenders received full offshore and onshore collateral packages. The refinancing for the debt was organised by another set of lenders, and the deal may signal increased foreign lending activity in China’s property market in the future.

Skadden also recently represented ING Real Estate Investment Management on a US$100 million non-recourse financing deal for a Shanghai logistics facility.

Ed Sheremeta and Audrey Sokoloff are both real estate and investment finance partners.

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Garrigues Garrigues has particular experience in representing European companies in their China-related real estate and construction work. Recently, the firm advised SEEI and the Spanish government on their participation in Shanghai Expo 2010. This included ... [more]

Garrigues

Garrigues has particular experience in representing European companies in their China-related real estate and construction work. Recently, the firm advised SEEI and the Spanish government on their participation in Shanghai Expo 2010. This included a construction contract as well as all agreements relating to termination of participation.

Hogan Lovells

In a contentious, multi-jurisdictional construction matter, Hogan Lovells advised Shandong Hongri Acron Chemical on the enforcement of an arbitration award from CIETAC valued at tens of millions of US dollars. The award was against PetroChina in relation to defective products that the company provided. Shandong Hongri is a joint venture based in China involving Russian and Chinese partners, and Hogan Lovells worked across its offices to represent the client on the Hong Kong arbitration.

Partners Timothy Hill and Damon So lead Hogan Lovells’ construction and real estate practice.

Troutman Sanders

With a long history of experience in China, Troutman Sanders is becoming increasingly prominent among international firms because of the partners’ genuine knowledge of the local market and the quality service it can provide to clients. The real estate team, led by partner Edward Epstein, has over 10 years of experience in real estate related transactions and has represented foreign developers and investors on acquisitions and leases involving prominent properties.

WongPartnership

WongPartnership routinely serves as an adviser to international and domestic developers, investors, and funds in real estate financing transactions and mergers and acquisitions. It is at the forefront of many of the Singapore/China cross border deals.

In February 2011, the firm advised Ascendas Real Estate Investment Trust (A-REIT) on its acquisition of a business property. The Rmb588 million (US$92 million) acquisition involved the forward purchase of a project that is set to be developed and built by Qingjian International South Pacific Group Development before A-REIT obtains ownership.

WongPartnership also recently advised CapitalMalls Asia as acquirer of an 18% stake in Holdco. Holdco owns a 95% equity interest in a PRC company that owns the Raffles City Changning mixed-use development in Shanghai.

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