Paul Hastings has advised property giant China Vanke Co. Ltd. on a $1.33 billion acquisition of shopping malls from Singaporean developer CapitaLand Ltd.
Shenzhen-based Vanke, through its shopping mall operating arm SCPG Holdings Co., teamed up with Chinese private equity firm HOPU Investment and bought 20 shopping malls, a combined area of 950,000 square meters across 19 Chinese cities, mostly third- and fourth-tier cities.
“China is on a faster track of urbanization and people are longing for a better life. We hold a very optimistic view on the potential value of the commercial real estate stock of assets,” Ding Liye, chairman and president of SCPG and senior vice president of Vanke, said in a statement.
Paul Hastings Hong Kong partner Paul Guan and Beijing partners Nan Li and Meka Meng advised the Vanke consortium.
King & Wood Mallesons Shenzhen partners Tao Zhangqi and Wu Ye served as Chinese counsel to the consortium.
Singaporean firm WongPartnership mergers and acquisitions partners Ng Wai King and Kyle Lee represented CapitaLand.