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Paul Hastings Advises Franshion Properties on Issue of US$600 Million Perpetual Subordinated Convertible Securities

September 28, 2010

Hong Kong (September 28, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Franshion Properties (China) Limited (Franshion Properties), a subsidiary of Sinochem Corporation, on its private placement of up to US$600 million perpetual subordinated convertible securities.

We are very pleased to have advised Franshion Properties on this convertible securities offering, said Vivian Lam, a partner in Paul Hastings Hong Kong office who led the transaction. This is the second convertible securities offering that we have advised on in recent months, having also recently advised Sino-Ocean Land on its landmark US$900 million issuance of perpetual subordinated convertible securities. We are seeing an increasing amount of these offerings in Hong Kong and the firm is well placed to advise on future transactions.

Placing agents on the transaction were BOCI Asia Limited, Deutsche Bank AG, Hong Kong Branch, J.P. Morgan Securities Ltd. and Standard Chartered Bank.

The Paul Hastings team was led by partners Vivian Lam and Raymond Li and included partners David Grimm and Catherine Tsang and associates Celia Chau, Pei Fang and Kate Lee.

Further Information:

Paul Hastings previously advised Deutsche Bank AG, Hong Kong, as the financial adviser of Franshion Properties, in a rights issue to raise approximately US$348.3 million in April 2009.

 

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.