24 August, 2016
Davis Polk is advising Joy City Property Limited (“Joy City”) on its disposal of a 49% shareholding in six mixed-use complex property projects in the PRC to subsidiaries of China Life Insurance Company Limited (“China Life”) and GIC (Realty) Private Limited (“GIC”). The disposal is effected by transferring a 49% interest in these projects to Joy City Commercial Property Fund L.P., in which subsidiaries of China Life and GIC are limited partners. The total consideration of the disposal amounts to approximately RMB9.3 billion (equivalent to approximately $1.4 billion) (subject to adjustment).
Joy City, whose shares are listed on The Stock Exchange of Hong Kong Limited, is principally engaged in development, operation, sales, leasing and management of mixed-use complexes and commercial properties in the PRC. China Life is a leading life insurance company in the PRC. GIC is a sovereign wealth fund established by the Government of Singapore.
The Davis Polk corporate team includes partner Paul Chow, registered foreign lawyer Angela Li and associate Kai Sun. All members of the Davis Polk team are based in the Hong Kong office
