8 October 2011 – Leading international law firm Clifford Chance has advised a subsidiary of NWS Holdings Limited on its acquisition of 26.32% of Chinese Future Corporation (CFC) for US$280 million.
The acquisition was made by NWS Holdings’ subsidiary, Moscan Developments Limited from The Children’s Investment Master Fund.
CFC owns 95% indirect equity interest in the Hangzhou Ring Road which is situated in Hangzhou City of Zhejiang Province, the PRC.
This transaction follows NWS Holdings’ acquisitions earlier this year of both interests in CFC and its majority shareholder, Widefaith Group Limited. After this latest transaction, NWS Holdings now holds an effective 58.66% majority stake in CFC.
“We are delighted to have worked with NWS Holdings on these transactions,” said Hong Kong partner Cherry Chan. “This was a strategic acquisition for our client in which we were able to help them acquire a majority stake in CFC.”
Cherry led the Clifford Chance team on this transaction, assisted by senior associates Derek Hung and Ed Johnson and associate Cheris Wong, all based in Hong Kong.