Ashurst acted for the founding shareholders of Greentown China, a Hong Kong-listed property developer based in China, on their sale of 24.6% shares in Greentown China to another Hong Kong-listed PRC property developer Sunac China at a total consideration of approximately HK$6.3 billion. Upon completion, the founding shareholders (Mr Song Weiping, the existing board chairman, and Mr Shou Bainian, the existing chief executive officer) will retain an aggregate of 18.6% shares in Greentown China, while Sunac China will be interested in 24.6% shares. Hong Kong-listed conglomerate Wharf holds another 24.6% shares in Greentown China.

Ashurst Hong Kong also advised Greentown China on this matter. Closing of the transaction is conditional upon, among other things, Hong Kong regulators' clearance that no general offer obligation would be triggered pursuant to the transaction.

The Ashurst team was led by Hong Kong corporate partner Jonathan Hsui, assisted by Alistair Tso and Rebecca Ru.

Commenting on the transaction, Jonathan Hsui said: "We are happy to advise the founding shareholders and advise Greentown China on this high profile transaction in the PRC property sector. We have previously advised Greentown China on a number of key transactions, including the HK$5.1 billion placement of shares and perpetual convertible securities with Wharf and the formation of joint ventures with Sunac China."