Earlier this year, Hong Kong property developer and long-standing client of the firm, Wing Tai Properties Limited, engaged Herbert Smith Freehills for advice on a US$464 million (HK$3.6 billion) financing deal for the development of a 318,076 sqft. residential development in Sha Tin, New Territories, Hong Kong. Following the successful closing of that transaction in March, the firm was again instructed to advise on another of the developer’s financing transaction—a US$224 million (HK$1.74 billion) financing for a plot of land adjacent to the client’s initial purchase in Sha Tin. The lender on both transactions—Bank of China (Hong Kong) Limited—was advised by Mayer Brown JSM.
Separately, the team closed a dual-tranche US$32 million and US$35 million syndicated financing deal for the Yuzhou Group, a Xiamen-based property developer, in June. Herbert Smith Freehills acted for client, the Hongkong and Shanghai Banking Corp. Limited, which acted as sole arranger on the transaction. The deal marks Yuzhou’s first access to the international syndicated loans market.
All three transactions were led by Hong Kong-based partner Alexander Aitken and consultant Etelka Bogardi, who were supported by corporate senior associates Victor Ding and Sherry Lai.
The Hong Kong team (led by Alexander Aitken and assisted by associate Carmen Chan) also recently advised on the Hong Kong law aspects of the US$245 million (£156 million) financing of the acquisition of the Lloyd’s Building in London. The deal was led by the firm’s London banking and finance team for client and lender United Overseas Bank Limited, London Branch.
Alex commented: “Real estate finance has been a core discipline for the legacy firms for many years. These deals are evidence of the importance of this sector to the Firm’s global business. The Wing Tai transactions, when coupled with the recent work we have done in London for the Wing Tai group are great examples of cross-border client development and the crucial importance of Asian clients to the Firm and the global economy.”
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