K&L Gates Advises Shanghai Sun Kwan Real Estate Group on RMB3.2 Billion Real Estate Transaction
Sun Kwan Group acquired a group of companies that owned approximately 400,000 square meters of low-density residential and commercial development land in the Shanghai Sheshan District. The seller is wholly-owned by Hong Kong-listed Tian An China Investments Limited, a subsidiary of property and financial services investment company Allied Group Limited.
The K&L Gates team on the deal was led by Hong Kong partner Carolyn Sng and Beijing partner Frank Voon, who were assisted by Hong Kong partner Michael Chan and Beijing associates Cheng Lu and Iris Bi.
Voon commented: “We would like to congratulate our client on closing a successful deal. In the past six months, the China property market has picked up particularly in first-tier cities. New policies were also announced last month to further relax foreign investment in the real estate sector in China. On the outbound side, China’s interest in cross-border real estate also continues to grow and as that happens, it allows firms like K&L Gates the opportunity to add value through our global network.”
Over the past 18 months, K&L Gates has advised on numerous property transactions both in and outside of China involving Greater China real estate companies. These included Hong Kong investment holding company Kai Yuan Holdings Limited’s €344 million acquisition of the premises and operations of the Paris Marriott Champs‐Elysees hotel, Giant Glory Asset’s US$160 million disposal of a controlling stake in Shanghai Zendai Property Limited, and Kang Cheng Holdings Limited’s US$71 million acquisition of a golf resort in Hainan Island in China, among others.
K&L Gates comprises approximately 2,000 lawyers globally who practice in fully integrated offices located on five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.