AllBright Advises Shanghai Industrial Urban Development on the Purchase of Shanghai Mart Stake
2014-10-1010281On September 25, 2014, AllBright’s client Shanghai Industrial Urban Development Group, Ltd. (“SIUD”) (0563.HK) announced that it has, through an overseas indirect acquisition, bought a 99% ownership stake in Shanghai Mart Co., Ltd. at a cost of USD $579,300,000. The deal was closed on the same day it was announced. SIUD has set up a joint venture with Hong Kong’s Nan Fung Group to renovate and manage the property under the Shanghai Mart name.
SIUD is a Hong Kong-listed company focusing on property development, property investment and hotel operations.
Shanghai Mart is a Sino-Foreign joint venture registered in Shanghai. It owns Shanghai Mart, the first permanent international trade center in China and the largest in Asia, comprising three complimentary venues - the Mart, Expo and Office Tower - with a total area of 280,000 square meters.
AllBright partner Julia Zhu led a team of AllBright lawyers to advise SIUD as its Chinese legal counsel, providing the client comprehensive legal services, including due diligence investigation, participating in negotiations and issuing legal opinions for this commercial transaction.
