25 November 2005
Hong Kong – LAWFUEL – The Law News Network – International law firm Clifford Chance has advised The Hong Kong Housing Authority on the world’s largest public offering of a real estate investment trust. The Link Real Estate Investment Trust is commencing trading on the Hong Kong Stock Exchange on 25 November 2005. The Link’s portfolio of 180 retail and car park properties represents 9% of all retail space in Hong Kong valued at HK$ 33.802 billion as at 30 September 2005. The initial public offering has raised HK$19.83 billion (or US$2.6 billion).
This landmark transaction represents a number of unprecedented features:
* World’s largest IPO of REIT
* Hong Kong’s first REIT
* Biggest privatisation of its kind in Hong Kong
Amy Lo, lead partner advising The Hong Kong Housing Authority said: “We are proud to have played a part in this groundbreaking development in both the Hong Kong and the international market. It is the culmination of over two years’ working closely with the Hong Kong Housing Authority, sharing our experience of domestic and international financial markets.” Clifford Chance acted as principal legal adviser to The Hong Kong Housing Authority. The team was led by Hong Kong partners Amy Lo and Clara Tang who were supported by partners Jim Baird, Denis Brock and Jonathan Zonis, and associates Rodney Cannon, Will Harrison, Lina Lee, Dominic James and Yvonne
Yeung (all Hong Kong).
