9 January, 2018
Baker McKenzie FenXun Joint Operation Office ("Baker McKenzie FenXun" or the "Joint Operation") recently assisted Shui On Land Limited ("Shui On Land") with the sale of a 49.5% interest in one of its commercial real estate portfolios in Shanghai for approximately RMB 3.87 billion to further its strategic partnership with the China Life Group.
Alex Gong, Partner of Baker McKenzie FenXun Shanghai and Rico Chan of Baker McKenzie Hong Kong were the lead external counsels assisting Alex Au (General Counsel) and Mandy Gao (Legal Counsel) of the legal department of Shui On Land to close this transaction successfully.
The portfolio includes a bundle of developed properties and undeveloped land parcels in the Hongkou district, Shanghai, commonly known as Hall of the Moon, Hall of the Stars, Phase II Shopping Mall and Hall of the Sun. The transaction enables Shui On Land to optimize the value of its mature investment properties and to recycle its capital into other new opportunities and is in line with its asset light strategy implemented since 2015.
Shui On Land is a property development company established in 2004 under the Shui On Group. With a focus on high-quality residential, office, retail, entertainment and cultural properties, Shui On Land is running projects at prime locations of key cities in Mainland China, many of which are operated under the world-famous Xintiandi brand owned by the Shui On Land. China Life Insurance is the country's largest life insurer and a Fortune 500 company for 14 consecutive years. The transaction has further cemented the relation between Shui On Land and China Life Group for a long-term strategic partnership.
