Paul Hastings Advises Sino-Ocean Land in Establishment of Real Estate Investment Fund with KKR in China

September 07, 2011

Hong Kong (September 7, 2011) Paul Hastings, a leading global law firm, announced today that it has advised Sino-Ocean Land Holdings Ltd (Sino-Ocean Land), one of the leading property developers in China, and its subsidiary Gemini Investments (Holdings) Limited in the establishment of a real estate investment fund (Fund) with KKR China Growth Fund L.P., a China focused investment fund managed by Kohlberg Kravis Roberts & Co (KKR), a leading global investment firm.

The Fund will be managed by a 50:50 joint venture vehicle co-owned by affiliates of Sino-Ocean Land and KKR and will explore opportunities to invest in, operate and manage real estate projects in China. Sino-Ocean Land and KKR will each make a capital commitment of US$70 million into the Fund.

The Fund, called Sino Prosperity Real Estate Fund L.P., will have a five-year term though parties have options to extend it twice by one year.

On the same date, Paul Hastings also advised Sino-Ocean Land with regards to the entering into of an Investment Cooperation Agreement whereby the Fund was granted certain rights to co-invest in joint venture projects with Sino-Ocean Land up to an amount of US$500 million, and an Investment Agreement regarding the co-investment of the Fund and Sino-Ocean Land in a real estate project being developed in Dalian, China.

Paul Hastings capital markets team has advised Sino-Ocean Land on a number of transactions over the past few years including, in May 2011, advising on its US$400 million perpetual subordinated capital securities issue. The team, in July 2010, also advised on the landmark issue by its subsidiary of perpetual subordinated convertible securities in the aggregate principal amount of US$900 million.

The Paul Hastings team was led by Hong Kong-based partners

and . Additional support was provided by of-counsel and associates , , , and from the Hong Kong office and partner from the London office.

Paul Hastings 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.



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