8 May, 2013
Hogan Lovells has advised Top Spring International Holdings Limited ("Top Spring") on its disposal of interests in Top Spring Taihu Bay to Jian Hong Holdings Limited ("Jian Hong") for US$88.3 million.
The disposal includes Top Spring Taihu Bay's entire equity interest in Changzhou Taihu Bay, a limited liability company established in the PRC.
Changzhou Taihu Bay's principal business is the development, operation, sales, lease and management of the ordinary commercial real estate on the land situated at the Changzhou, Jiangsu Province, China.
The proceeds from the disposal will enable Top Spring to improve its cash position through repayment of borrowings and allow the general working capital for other growth initiatives.
Top Spring is a PRC real estate developer listed on the Hong Kong Stock Exchange. It specialises in the development and operation of urban mixed-use communities, and the development and sale of middle to high-end residential properties in the Yangtze River Delta, Pearl River Delta, Beijing-Tianjin and Chengdu-Chongqing regions.
Jian Hong is a limited liability company incorporated in the BVI. The principal business of Jian Hong is investment holding.
The Hogan Lovells Corporate team in Hong Kong has developed a strong relationship with Top Spring, having now advised them on a second major transaction in the last eight months.
The Hogan Lovells team was led by Hong Kong-based partner Terence Lau, supported by associate Sheryl Cheung.
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