28 May 2013
Watson, Farley & Williams (“WFW”), practicing in Hong Kong in association with Lau, Leong & Co., is pleased to announce that it has advised Mr. Vincent Lo’s Shui On Company Limited (“SOC”) on a HK$3.6 billion (US$464 million) rights issue launched by flagship real estate developer Shui On Land Limited.
Shui On Land issued the rights to shareholders to finance key developments on the Chinese mainland – two large-scale urban renewal projects in Shanghai as well as future land acquisition.
WFW advised SOC on a range of legal issues including the underwriting agreement, the major shareholder irrevocable undertaking, issuing Hong Kong opinion and coordinating overseas legal opinions. Founded by Mr. Lo in Hong Kong in 1971, SOC operates as an investment holding company of the Shui On Group.
Chaired also by Mr. Lo, Shui On Land is an iconic name in the Chinese real estate sector. In 2012, the 4th World Chinese Economic Forum honoured Mr. Lo with the Lifetime Achievement Award for Leadership in Property Sector. Shui On Land has a proven track record in developing large-scale, mixed-use city-core redevelopment projects and is responsible for developing Shanghai’s iconic Xintiandi nightlife district.
WFW Corporate partner in Hong Kong, Loretta Lau advised and was supported by solicitors Monin Ung and Fai How.
Partner Loretta Lau said: “Given the tough economic climate and high interest rates in Hong Kong, there have not been as many successful fundraising deals and so this represents a successful transaction for our client.”