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Zhong Lun Advises SOCCP on Acquisition of Property Development Project in Beijing
Zhong Lun Advises SOCCP on Acquisition of Property Development Project in Beijing
Shui On Construction and Materials Limited (“SOCAM") and Pacific Century Premium Developments Limited (“PCPD") announced separately on August 20, 2009 that they had entered into an offshore share transfer agreement in relation to a property development project located at No. 4 Gong Ti Bei Lu in Chaoyang District of Beijing. The acquisition, with the consideration of US$118 million, was made by Shui On China Central Properties Limited (“SOCCP"), a wholly-owned subsidiary of SOCAM focusing on investment and development of real estate projects in Mainland China, from PCPD. The project when completed will have a total gross floor area of 57,700 square meters, comprising luxury residential units, retails and underground parking lots.
A team from Zhong Lun Beijing Office, led by partner Li Haiqing, including associates Wen Na, Shi Yi, He Na, Ying Yali and Li Chong, advised SOCCP on PRC related matters including due diligence on the project and the project company, PRC legal advice on the offshore share transfer transaction.