Clifford Chance and Davis Polk lead on $1.4bn Chinese property deal
Magic circle firm advises on investment in Chinese developer Joy City Property
August 28, 2016 at 09:29 PM
2 minute read
Clifford Chance and Davis Polk & Wardwell took lead roles on China Life Insurance Co. and GIC Private's $1.4bn (£1.06bn) joint investment in Chinese developer Joy City Property.
As part of the deal, Hong Kong-listed Joy City will form an investment fund for six of its mainland commercial and office properties and sell a 49% stake in the fund to China Life and GIC for $1.4bn. Joy City will hold the remaining 51% in the properties and continue to manage the buildings.
All six properties are mixed-use commercial buildings with prime office towers and retail space, located in central business districts in Beijing, Shanghai and Tianjin.
Joy City is the real estate developing and managing arm of state-owned food and beverage giant China National Cereals, Oils and Foodstuffs Corp., commonly known as COFCO Group.
The deal is expected to close in September.
Clifford Chance China co-managing partner Tim Wang is leading a team advising China Life and GIC on the deal. Wang is supported by Beijing-based China head of funds practice Ying White.
Davis Polk Hong Kong partner Paul Chow is representing Joy City on this deal.
COFCO is a long-time client of Clifford Chance, which this year advised the Chinese company on the acquisition of the remaining 49% it didn't already own in Dutch grain trader Nidera N.V.
Beijing-based China co-managing partner Terence Foo led the team for Clifford Chance on the Nidera deal, with support from M&A partner David Griston and disputes partner Dirk-Jan Duynstee in Amsterdam, antitrust partner Richard Blewett in Beijing, and finance partner Anthony Wang in Hong Kong.
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