Baker & McKenzie recently advised the joint coordinators, Standard Chartered Bank (Hong Kong) Limited and Hang Seng Bank Limited, on the US$558 million (RMB3.4 billion) two-tranche onshore offshore financing for certain entities being advised by Phoenix Property Investors Limited, a Cayman Island fund management firm.

The financing consists of a HK$2.212 billion offshore tranche and a RMB1.63 billion onshore tranche.  The offshore tranche, which has a HK$1.8625 billion sub-tranche for acquisition of a real estate project and a HK$350 million sub-tranche for further related activities, is collateralized by a mixed used development in the PRC.  The onshore tranche is split into a RMB890 million and a RMB740 million facility for two onshore companies holding the project.

This transaction involves a complex ownership and deal structure and various intercreditor and PRC matters.

The Baker & McKenzie team was led by Hong Kong-based banking & finance partner Sally Hung, and supported by Shanghai-based special counsel, Charles Chen.