Dorsey & Whitney, as the seller’s counsel, advised Guangzhou R&F Properties Co., Ltd. (HKEX: 2777) (“R&F”), a top-ranking property developer in China, in the disposal of its remaining 30% equity interest in Guangzhou International Airport R&F Integrated Logistics Park (“Integrated Logistics Park”) with the property value at approximately RMB 7.3 billion (US$1.14 billion) to The Blackstone Group Inc. (“Blackstone”).
德汇国际律师事务所作为卖方法律顾问，代表中国顶级房地产开发商广州富力地产股份有限公司（“富力地产”，香港联合交易所股份代号：2777）向The Blackstone Group Inc.（“黑石集团”）出售物业价值约人民币73亿（约美元11.4亿）的广州国际机场富力综合物流园（“综合物流园”）剩余30%的股权。
Dorsey previously advised R&F in its establishment of a joint venture with Blackstone by selling a 70% equity interest in the Integrated Logistics Park then valued at approximately RMB6.6 billion (approximately US$1.0 billion) to Blackstone. Upon completion of the two transactions, R&F has sold to Blackstone the entire equity interest of the Integrated Logistics Park being the largest logistics park in China’s Greater Bay Area.
The disposal will enable R&F to receive cash payments of approximately RMB 1.263 billion (approximately US$198.4 million) in this transaction. The proceeds from the disposal will be used to lower the debt ratio and as general working capital of R&F.
R&F is one of the top-ranking property companies focusing on medium to high-end property developments with its headquarters in Guangzhou, the PRC. Its business includes property development of both residential and commercial properties, as well as office buildings, shopping malls, hotels and logistics parks. R&F is also the first real estate company from mainland China to be included in the Hang Seng China Enterprises Index.
The Dorsey team was led by partners Hilda Chan and Karen Yiqin Fan, with support from associates Ting Zhou and Janice Wong.
Dorsey & Whitney was founded in 1912 and has 19 offices around the world. The firm has long been committed to developing its China practice, and has advised Chinese clients in a great variety of cross-border transactions and commercial dispute resolution matters, including well-known private companies, large state-owned enterprises and financial institutions. Consisting of both experienced lawyers in our China offices in Shanghai, Beijing and Hong Kong, and other attorneys from various practice areas who are based in New York, London, Silicon Valley, Salt Lake City, Southern California, Seattle, Minneapolis, Denver, Washington D.C., Dallas, Delaware, Toronto and Vancouver, Dorsey & Whitney’s US-China Practice Group provides integrated international legal services to Chinese clients in a seamless manner.