International law firm Freshfields Bruckhaus Deringer has advised CITIC Limited (CITIC) on the sale of its Chinese residential property assets to China Overseas Land & Investment Limited (China Overseas).
Upon completion of the transaction, CITIC will hold approximately 10% of the entire issued share capital of China Overseas and certain assets owned by China Overseas. The transaction is estimated to be approximately RMB31bn (US$4.8bn) in value.
The transaction remains subject to shareholder and regulatory approvals.
CITIC is one of China’s largest conglomerates with a broad range of businesses including financial services, resources, real estate and infrastructure. China Overseas is one of China’s leading property developers.
The Freshfields team advising on the transaction was led by Hong Kong partners Calvin Lai and Philip Li.
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