Deacons advises on a RMB632.5 million acquisition of share interests in Lead Wealthy Investments and Jolly Success Holdings

Deacons recently represented Wing Tat Development Limited in a major transaction acquiring the entire share interest in Lead Wealthy Investments (Singapore) Pte. Ltd. and Jolly Success Holdings Limited for a consideration of RMB632.5 million (equivalent to approximately HK$799.9 million).

The vendor is a joint venture that is 70% indirectly owned by SOCAM Development Limited (“SOCAM”, Stock Code: 983) and a subsidiary of SOCAM under the Listing Rules. The main investment relates to the Four Seasons Hotel Pudong in Shanghai and unsold branded units with a total gross floor area of approximately 13,673 sq.m alongside 131 unsold car parking spaces in the Shanghai Four Seasons Place.

In addition to the consideration for the shares, Wing Tat Development Limitedwill also arrange to effect the repayment of various loans owing by the target to the related entities of the Vendor. Wing Tat Development Limitedwill also be prepared to take up certain existing bank loans owing by the target.

The team was led by partners Myles Seto and Iris Cheng, supported by associate Campos Cheng from the corporate commercial practice group.