Paul Hastings Advises Sino-Ocean Land Holdings Limited on US$750 Million Investment by China Life Insurance
Hong Kong (January 4, 2009) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Sino-Ocean Land Holdings Limited (Sino-Ocean Land) on the subscription of new shares in the company, valued at approximately US$750 million, by China Life Insurance Company Limited (China Life Insurance).
Under the terms of the agreement, China Life Insurance will subscribe to 934 million new shares in Sino-Ocean Land for HK$6.23 per share, accounting for 16.57 percent of its enlarged share capital. As a result of this transaction China Life Insurance will become Sino-Ocean Lands second largest share holder.
Sino-Ocean Land is one of the largest real estate companies in Beijing and was established in 1993. It is listed on the main board of The Hong Kong Stock Exchange and is ranked among the 10 largest listed property companies listed in Hong Kong.
The Paul Hastings team was led by Raymond Li, partner and leader of the Paul Hastings China Practice in Hong Kong, assisted by associates Jenny Lau and Ling Ling.
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