Halliwells and LG have advised on one of the largest Alternative Investment Market (AIM) deals to come to market in recent months after property fund Pacific Alliance China Land raised $400m (£194m) for investment in China.

Manchester-based Halliwells advised nominated adviser Grant Thornton Corporate Finance and broker LCF Edmond de Rothschild Securities on the deal. London corporate partner Matthew Puhar led the deal, assisted by associates Niha Bajpai and Deborah Angel.

Halliwells has experience of advising on similar deals and acted on China Central Properties' (CCP's) $500m (£242m) AIM fundraising in June.

Puhar said: "The continuing attractiveness of Chinese property is interesting when contrasted with the level of fundraising for UK domestic deals, which can be variable at the moment."

LG advised Pacific Alliance China Land, led by corporate finance partner Nick Heather and assisted by associates John Reed and Kristian Rogers.

The closed-end fund was set up to invest in existing and new residential, office, retail, hospitality and industrial real estate in Greater China. LG has acted for Pacific Alliance China's parent company, Pacific Alliance Group, on a number of similar funds in the past.

Heather said: "It is a decent result to raise this sum of money when the markets are turbulent."

Maples and Calder provided advice on Cayman Islands law and Shanghai Zhong Lun Law Firm advised the fund on Chinese law.