Norton Rose Fulbright has advised Spring Wisdom Limited, a subsidiary of Joy City Property Limited, on its acquisition of a company holding the retail asset Parkside Plaza valued at approximately RMB1.4 billion from Grosvenor Asia Pacific, the regional operating arm of privately-owned international property group Grosvenor.

Parkside Plaza is located on the bank of Suzhou River in China, adjacent to Changfeng Park in the Putuo district of Shanghai and features a total floor area of 126,000 square meters. Its tenants include international fast fashion brands and a variety of leisure and family entertainment outlets such as Shanghai’s largest indoor rock climbing venue and China’s first ever LEGOLAND® Discovery Center.

Joy City Property Limited, a company listed on the Main Board of the Hong Kong Stock Exchange, is the flagship real estate business of the COFCO Group. It operates primarily in the development, sales, leasing and management of mixed-use complexes including shopping malls, hotels and resorts, offices, and serviced apartments.

The acquisition constituted a disclosable transaction of Joy City Property Limited under the Hong Kong Stock Exchange Listing Rules.

The Norton Rose Fulbright team was led by Hong Kong partner Psyche Tai, with assistance from of counsel Doris Ng and associate Timothy Lam.