The transaction is unprecedented in its scale, complexity and speed at which it was executed—setting a new benchmark. It is the largest refinancing of its kind to have taken place in the Hong Kong market.
New World Development’s core business areas include property development, property investment, and other strategic operations in Greater China, especially the Greater Bay Area.
The financial institutions supporting the transaction form a significant part of Hong Kong’s real estate finance banking community. A&O Shearman guided the wide range of financiers in the group through a complex structure over a short execution timetable, working closely with New World Development and the company’s counsel.
Partner Roger Lui commented “We are grateful to the bank group for placing their trust and confidence in A&O Shearman in supporting them and New World Development in taking this historic and significant financing to a close.”
“The mandate required us to address, at a senior level, queries from various stakeholders within each financial institution, explain the thesis of the proposed financing structure, as well as the need to process a large volume of documentation. Given the size of the company group and the number of banks involved, this was a complex undertaking. We are proud to have played a part in contributing towards the stability and vibrancy of the Hong Kong markets through this transaction.”
A&O Shearman deployed a host of advanced delivery tools including a global project management team across three time zones, an offsite legal support team, two data sharing platforms, and document automation.
The A&O Shearman team advising the lenders was led by partner Roger Lui, with support from of counsel, Welber Yim, partner Patrick Wong, senior associate Antonia Ma, partner Viola Jing and associate Joshua Chan, as well as partner Agnes Tsang.
The team was further supported by associate Zoe Lau, trainee Chelsea Leung, and wider team members in several locations, including Peerpoint conveyancing specialists Kylie Wong and Karen So. Partner Yvonne Ho, senior associate Tianyi Xu, and associate Peggy Zeng advised existing lenders. Partner Cindy Lo and senior associate Adrian Chiang advised a group of agents.