Paul Hastings Advises on the Successful Formation of a Real Estate RMB Fund
Shanghai (December 9, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that it has advised Prax Capital Management Co. (Prax Capital), an independent private equity firm dedicated to managing China-focused investments, in the first successful formation and closing of an RMB-denominated China real estate investment fund.
We are delighted to have advised Prax Capital in the successful formation and closing of this RMB-denominated China real estate investment fund, said David Blumenfeld, chair of the Paul Hastings real estate practice in Shanghai. Prax Capital is one of the first foreign investors to pursue an RMB-denominated real estate fund strategy, and we are pleased to have advised our client on the international aspects of this groundbreaking transaction.
The Paul Hastings team that advised Prax Capital was led by partners David Blumenfeld and Alex Wang, assisted by associate, Paul Guan.
Paul Hastings is also the sponsor of an upcoming industry-wide report regarding foreign participation in RMB funds by China Venture Capital Association (CVCA), a trade organization established to support the venture capital and private equity industry in Greater China. The key findings of the CVCA Foreign Investors Participation in RMB Funds Report 2009 will be presented at the CVCA launch event in Beijing on December 17, 2009. Further information is available on CVCAs website:
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