10 November, 2020
Skadden advised Hong Kong-listed E-House China Holdings Limited in the completion of a series of agreements with Alibaba Group Holding Limited; Sina.com and its affiliated entity; and Mr. Zhou Xin, the executive chairman of both E-House and Leju Holdings Limited, and certain of his affiliated entities.
Pursuant to the agreements, E-House has issued new shares and a convertible note to Alibaba Group for an aggregate consideration of approximately US$ 240 million. E-House also entered into a business cooperation agreement with Alibaba Group, pursuant to which the two parties will cooperate in areas including online-offline real estate transaction, digital marketing and after-sale services with the goal of enhancing the digital and intellectual capabilities of the real estate service industry.
E-House has also acquired a majority interest in Nasdaq-listed Leju Holdings from Sina.com, Mr. Zhou Xin and their affiliated entities at a valuation of US$ 520 million.
Please see E-House's press release for further details.
The Skadden team was led by partner Christopher Betts, with associates Martina To and Paul Lau. All attorneys are based in Hong Kong.
