On 28 June 2013, CITIC Real Estate (Hong Kong) Development Limited ("CITIC Real Estate") entered into an agreement with Nan Hai Development Limited (wholly-owned subsidiary of Hong Kong-listed Nan Hai Corporation Limited (stock code: 680)) (“Nan Hai”) to acquire 27% interest in the Guangzhou Huadu Ziyouren real estate project indirectly held by Nan Hai, for an aggregate consideration of RMB 607 million in cash.
Project Huadu Ziyouren encompasses an area of approximately 615,000m2. The project is planned to be divided into seven phases covering a gross floor area of 1,455,000m2. The first phase is currently approaching the final stage of construction.
As the Hong Kong and PRC legal advisors of CITIC Real Estate, Zhong Lun Hong Kong’s team, led by partners Roger Ho and Henry Lau and assisted by associates Shirley Chan and Cao Ying and Zhong Lun Guangzhou’s team, led by partner Zhu Yuming, provided all-rounded legal services on the transaction structure, legal opinion, documentation and negotiation.