MAINLAND PROPERTY DEVELOPER LISTS IN LONDON

July 01, 2007 | BY

clpstaff

China Central Properties (CCP) has successfully completed a US$500 million global offering and listing on the London Stock Exchange's Alternative Investment…

China Central Properties (CCP) has successfully completed a US$500 million global offering and listing on the London Stock Exchange's Alternative Investment Market [AIM]. The company focuses on acquiring partially-completed and distressed property developments in China, and is an affiliate of Hong Kong developer Shui On Construction and Materials.

The offering, which closed on June 13 2007, included the issuance of 151.23 million new shares and convertible bonds, and was sold to institutional investors in the US under Rule 144A and outside the US under Regulation S. Deutsche Bank was the sole bookrunner for the offering.

DLA Piper, which acted as US counsel to the issuer, used a multi-jurisdictional team led by Shanghai partner Jeff Greene. A Halliwells team led by London corporate partner Matthew Puhar advised the issuer on UK law. Commenting on the flotation, Puhar says: “This is a high quality listing from Hong Kong and mainland China which will inevitably help to bolster institutional appetite for other offerings from this region”.

CCP will focus primarily on investing in medium-to-large partially completed property projects in significant and secondary cities in China, where the properties have become available as a result of their current owners' financial constraints. Once acquired, the projects will be upgraded and sold, or leased upon completion.

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