The company name of China Vanke is displayed at a news conference to announce the real estate developer’s interim results in Hong Kong, China, 22 August 2016. REUTERS/Bobby Yip/File Photo
Paul Hastings and JunHe have advised Onewo, developer China Vanke’s real estate services arm, on its $738 million Hong Kong IPO, with Herbert Smith Freehills and Commerce & Finance Law Offices advising the joint sponsors.
Onewo operates as a property management service provider. Vanke, which weathered the crisis in China’s real estate sector better than most of its peers, owns 62.9 percent of Onewo and is its biggest customer, Reuters said.
Onewo is one of the biggest-ever Hong Kong IPOs of 2022, with the value of deals in the Asian financial hub down nearly 90 percent due to a year of Sino-US tensions and a tightening regulatory environment in China, Reuters added.
Paul Hastings’ team is led by Raymond Li, Global Partner and Chairman of Greater China, and Corporate Partners Vincent Wang and Chaobo Fan.
The joint sponsors are CITIC Securities, Citigroup and Goldman Sachs.
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