Four Firms Advise on Shanghai Developer's $920M Fund Raising
Jones Day, Baker & McKenzie and Deacons all had roles on an investment into real estate company Chongbang.
June 24, 2015 at 11:34 PM
2 minute read
Jones Day and Baker & McKenzie have advised two foreign investors on a stake purchase in Shanghai-based property developer Chongbang Holdings (International) Ltd. as a part of the company's recent $920 million capital raising.
Canadian real estate company Ivanhoe Cambridge Inc. and Dutch pension fund APG Asset Management N.V. have taken “significant participation” in the company, according to a release. The investors did not disclose how much of the total fund raising came from them or how big of a stake they acquired in Chongbang.
Chongbang, which develops and operates mixed-use properties in Shanghai, said it plans to use the money to invest in new real estate projects in the city. The company was launched in 2003 by Hong Kong and Singaporean investors, including a former executive of Hong Kong-based construction conglomerate Shui On Group.
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