Leading international law firm Clifford Chance has advised China Life Trustees, a wholly owned subsidiary of China Life Insurance (Group) Company Limited, on its acquisition of Lot 126, Taipingqiao property development project in Shanghai. The acquisition is structured as a share purchase from Taipingqiao Holding Company Limited, a platform holding company of China Xintiandi Holding Limited, and a purchase of intercompany loan from Shui On Development (Holding) Limited. The total consideration for the acquisition is estimated to be RMB3.32 billion. The sale and purchase agreement was signed on 4 December 2013.
Lot 126, also referred to as 5 Corporate Avenue, Phase II, is located in Huangpu District, Shanghai with an estimated leasable and saleable gross floor area of approximately 79,000 sqm. It is currently under development and is expected to be completed between 2013 and 2014. Upon completion, it will accommodate a Grade A office building and a high-end shopping mall.
Corporate partner Kelly Gregory said, “With Shanghai recently launched as the free trade zone, it has attracted numerous companies registering their office in the zone over the past two months, and we expect the demand for office and retail space in Shanghai will continue to grow. Against this backdrop, it is an opportune move by China Life to acquire such a high quality asset in the market, especially in a prime location with quality management standards, and once again demonstrates its continued support of the development of Shanghai.”
Kelly led the transaction and was supported by senior associate Yan Yuan, with corporate partner Jean Yu and associate Tianning Xiang providing advice on Hong Kong Stock Exchange matters .
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