Norton Rose Fulbright has advised Renhe Commercial Holdings Limited on its disposal of a property portfolio with an aggregate net asset value of RMB20 billion (US$3 billion).

The portfolio involves 44 underground shopping malls across 24 cities in the People’s Republic of China and constitutes a “Very Substantial Disposal” for Renhe Commercial under the listing rules.

Renhe Commercial is a China-based property development company mainly engaged in the development, leasing and management of underground shopping malls and since a HK$6.5 billion acquisition in July 2015, in the operation of an agricultural produce markets business.

The Norton Rose Fulbright team was led by Hong Kong partner Psyche Tai, assisted by of counsel Harold Tin, senior associates Rachel Chan and Doris Ng, and associate Marco Cheng.