International law firm Ashurst has acted as the Hong Kong legal advisers to CHMT Peaceful Development Asia Property Limited on the US$4.1 billion bond issuance to finance the acquisition of Hong Kong skyscraper The Center. The consortium acquired The Center from Li Ka-shing's CK Asset Holdings (SEHK:1113) at a record price of HK$40.2 billion in November 2017. It is the world's most expensive real estate transaction for a single building to date.

The issuing company was owned by a consortium made up of Hong Kong's most influential families, including Hong Kong tycoon Mrs Pollyanna Chu Lee Yuet-wah, the co-founder of Kingston Financial Group (SEHK:1031), and the chairman of Chinese developer Shimao Property (SEHK:813) Mr Hui Wing-mau. Other investors in the consortium include Koon Wing Motors founder Mr Ma Ah Mok, ACME Group chairman Mr David Chan Ping-chi, Wing Li Group founder and chairman Mr Lo Man-Tuen, and Asia Property Agency founder Mr Raymond Tsoi Chi-chung.

The bonds were raised in two tranches, with the senior tranche valued at USD3.3 billion led by Morgan Stanley, and the junior tranche (Tranche B) valued at USD811.5 million led by Hammer Capital. The anchor investors included GIC for Tranche A and PAG Capital for Tranche B.

The Ashurst team is led by finance partners Jini Lee and Daniel Lau, supported by counsel Steven Choo, associate Lucy Liu and junior associates Kirsty Huen and James Leung. Partner Christopher Whiteley and counsel Richard Poon advised the issuer on the swap arrangement for the hedging of HKD/USD.