Paul Hastings Advises on First Chinese Property REIT in Singapore
December 08, 2006
PAUL HASTINGS ADVISES ON FIRST CHINESE PROPERTY REIT IN SINGAPORE
Latest Ground-breaking REIT Further Solidifies Market-leading Position for Paul Hastings
Hong Kong (December 8, 2006) -- Paul, Hastings, Janofsky & Walker (Paul Hastings), a leading international law firm, has represented CapitaLand Limited and CapitaRetail China Trust Management Limited (CRCTML) on the S$250 million (approximately US$162.6 million) initial public offering of the CapitaRetail China Trust real estate investment trust (CRCT REIT).
The landmark CRCT REIT is the first REIT to list in Singapore with a porfolio made up solely of PRC-based assets and it is also one of the first foreign investors to invest in PRC real estate in compliance with the new property ownership rules promulgated by the PRC government in July 2006. CapitaLand Limited is the sponsor of the CRCT REIT and ultimate owner of the initial portfolio of properties to be acquired by the CRCT REIT, and CRCTML is the manager of the REIT.
Vivian Lam, a partner in Paul Hastings' Hong Kong office who led the team commented, "Paul Hastings has been delighted to work with CapitaLand and CRCTML on the launch of the first Singapore-listed PRC property REIT. This deal further underscores the depth of Paul Hastings' expertise in Asian REITs and, in particular, in structuring PRC-based REITs for international listings having advised GZI on its REIT in Hong Kong."
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The CRCT REIT is only the second-ever REIT with a porfolio made up solely of PRC-based assets, after the GZI REIT that listed in Hong Kong last year. Paul Hastings is in the unique position of having advised the Managers of both these REITs in their listings in Asia. With respect to the CRCT REIT, in addition to the IPO listing, the firm also advised CapitaLand Limited on the accumulation of its PRC retail mall portfolio - helping the company establish a joint venture with Shenzhen International Trust & Investment Co., Ltd. (SZITIC) and a strategic alliance with Beijing Hualian Group that ensures a large pipeline of properties which CRCT will be able to acquire across provinces in the PRC in the future.
The team of international lawyers in Paul Hastings' Hong Kong, Beijing, and Shanghai offices was led by partners Vivian Lam and Raymond Li, together with Pei Fang, Mark Hwang, Steve Woo, Yang Ling, Winnie Cai, Delia Feng and Chong Hoi Ling.
More Information about Paul Hastings' REITs Practice
Paul Hastings is a global leader in REITs and real estate-related transactions and has been named 'International Real Estate Law Firm of the Year' by Chambers numerous times in recent years.
For the last 30 years, Paul Hastings has pioneered the development of real estate across Asia, from ground-breaking REIT transactions in Japan, Korea and China, to the first rated securitization of Japanese mortgage-backed debt and non-recourse real estate loans completed in Japan, as well as some of the first non-performing loan bulk auctions, acquisitions and financings completed in China, Japan and the Asia-Pacific region.
In the last year, Paul Hastings has successfully completed a number of ground-breaking REITs in China and Japan, including: the first REIT with a porfolio made up solely of PRC-based assets; and the first JREIT to be listed on the JASDAQ Securities Exchange in Japan. The Paul Hastings' Greater China team advised GZI on its US$266 million REIT listing in Hong Kong and the Paul Hastings' Tokyo team represented Starts Proceed Investment Corporation in relation to the JPY7.7 billion (US$64 million) J-REIT.
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Paul Hastings Janofsky & Walker, founded in 1951, is a leading international law firm with over 1,100 lawyers in 18 offices. The firm serves a diverse client base including many of the top global financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate, Private Equity/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at