Slaughter and May's Hong Kong office is advising Hengli Commercial Properties (Group) Limited ('Hengli'), a company listed on the Hong Kong Stock Exchange, on the disposal of a significant part of its interests in its subsidiaries to its controlling shareholder, Mr. Chen Chang Wei ('Mr. Chen'), for a consideration of approximately HK$1,311 million (US$168 million). The disposal constitutes a very substantial disposal and a connected transaction for Hengli under the Hong Kong Listing Rules. Completion of the disposal is a condition to the sale by Mr. Chen of a 65% interest in Hengli to Dalian Wanda Commercial Properties Co., Ltd. ('Wanda'). The sale, if completed, will trigger an obligation on the part of Wanda to make a mandatory unconditional general offer for all other shares in Hengli. The Hong Kong office is also advising Hengli on the possible mandatory unconditional general offer.

Hengli is principally engaged in the business of property letting, property development and sales of properties in the People’s Republic of China.

Wanda, a subsidiary of Dalian Wanda Group Co., Ltd, invests in and operates commercial properties and is one of the largest commercial property developers in the People's Republic of China by sales volume and gross floor area.

COONTACTS

Corporate and Commercial: Lisa Chung (partner), Alana Lam (associate), Kevin Ip (associate), Jacky Man (trainee)

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