O’Melveny Represents Joy Bright in Acquisition of US$363 Million of Shares in Central China Real Estate from CapitaLand

7月 18, 2019


HONG KONG—July 18, 2019—O’Melveny recently represented Joy Bright Investments Limited in completing the acquisition of 658,116,228 shares of Central China Real Estate Limited (0832.HK) from Singapore’s Temasek owned CapitaLand LF (Cayman) Holdings Co., Ltd.. The all-cash consideration of US$363 million at a price of HK$4.30 per share brings Joy Bright’s shareholding in Central China Real Estate to approximately 74.84%.

Joy Bright is wholly owned by Mr. Wu Po Shum, the controlling shareholder and chairman of the board of directors of Central China Real Estate. Central China Real Esate, based in Zhengzhou, Henan Province, China, is one of the largest property developers in the PRC. CapitaLand, a subsidiary of Temasek, is one of Asia's largest diversified real estate investment groups. Prior to this divestment, CapitaLand’s investment in Central China Real Estate represented one of its most significant investments in the central region of China.

This transaction represents one of the largest PIPE deals made by a controlling shareholder that consolidates and increases the controlling shareholder’s shareholding stake in a Hong Kong listed issuer in recent years.

The Hong-Kong-based O’Melveny team advising Joy Bright was led by partner Edwin Kwok, with support from counsel Lillian Cheung, and associates Wendy Kan, Yuki Tsang, and Edward Poon.

O’Melveny previously represented Central China Real Estate and Joy Bright in Central China Real Estate’s US$112 million issuance of new shares to Joy Bright by way of specific mandate which involved the successful granting of a whitewash waiver last year.

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Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000