Paul Hastings Advises Glorious Property Holdings on HK$9.9 Billion Hong Kong IPOThe largest Hong Kong property IPO since 2007
Hong Kong (October 2, 2009) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Glorious Property Holdings Limited (Glorious Properties), a leading PRC property developer based in Shanghai, on its HK$9.9 billion (approximately US$1.28 billion) Initial Public Offering (IPO). This represents the largest Hong Kong IPOs of a property company since 2007, and is one of the largest IPOs globally in 2009.
JP Morgan and Deutsche Bank are joint sponsors of the deal and, with UBS, joint global coordinators, joint bookrunners and joint lead managers.
Raymond Li, a partner in the Paul Hastings capital markets practice in Hong Kong who led the transaction, commented: We are delighted to have advised our client on such a significant IPO in the Hong Kong capital markets. This is the first IPO by a Chinese property developer in over 15 months which highlights the continued resurgence of the local capital markets.
The Paul Hastings team was led by Raymond Li and included partners Sammy Li, David Grimm and Chau Ho and associates Vanessa Chan, Vicky Ko, Ling Ling, Andrew Li and Erika Wan.
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