Deacons advised Chow Tai Fook Enterprises Limited (“CTFE”) on its acquisition of 75% shareholding in Kai Tak Sports Park Limited (“KTSPL”) from New World Development Company Limited (SEHK stock code: 17) (“NWD”) for HK$416.7 million, which was completed on 29 November 2024.
Opening in the first quarter of 2025, the Kai Tak Sports Park (“KTSP”) is the largest sports infrastructure project ever commissioned in Hong Kong. KTSP is funded by the Hong Kong Government under a “Design, Build and Operate” model and is constructed and to be operated by KTSPL.
The transaction required approval by the Culture, Sports and Tourism Bureau, and involved various banking and guarantee arrangements and Listing Rules compliance for NWD and NWS Holdings Limited (SEHK stock code: 659), which owns the remaining 25% interest in KTSPL. Deacons advised CTFE on the corporate finance, regulatory, construction, banking and property aspects of the transaction.
The team is led by Ronny Chow and Maynard Leung, Partners of Deacons’ Corporate Finance Practice Group.
