Global legal practice Norton Rose Fulbright advised Chinese construction company CNQC Development Limited (CNQC) in an acquisition of 75 per cent of the issued share capital of Sunley Holdings Limited. The acquisition is at a consideration of HK$540 million.

The share purchase agreement was signed on 11 February 2014. Completion is expected to take place by end of March 2014 subject to the conditions to completion under the agreement.

CNQC is a subsidiary of Guotsing Holding Group Co. Ltd. which, together with its key operating subsidiary, Qingjian, is engaged in the business of domestic and international construction projects and investment, real estate development, capital management, logistics and design consulting. Qingjian was named as one of the ‘‘China Top 500 Enterprises’’ by China Enterprise Confederation in 2013 and was one of the first 15 enterprises in China with buildings construction main contractor top grade qualification.

Sunley Holdings Limited is a company listed on the Hong Kong Stock Exchange and is principally engaged in the foundation business and machinery rental business in Hong Kong.

Psyche Tai, corporate partner in the Hong Kong office of Norton Rose Fulbright, commented:

“This acquisition provides a platform to CNQC and its parents for its construction and real estate development and investment business. It can leverage on its experience and network in construction and real estate development business in China and to seek expansion into the Hong Kong construction industry.”

The team was led in Hong Kong by Psyche Tai, assisted by senior associate Vicky Lam and associate Tiffany Ip. HSBC acted as the financial Adviser to CNQC and Loong & Yeung acted as legal advisor to Sunley Holdings Limited.