Leading international law firm Clifford Chance advised Beijing Capital Group Co., Ltd. (BCG) on the privatisation, through its wholly-owned subsidiary, of Beijing Capital Land Ltd. (BCL), a company incorporated in the PRC and listed on the Hong Kong Stock Exchange. The privatisation was implemented by way of merger by absorption and was announced on 9 July 2021. The merger has become effective and the shares of BCL have been delisted from Hong Kong Stock Exchange on 30 September 2021.

BCL is a leading large integrated real estate developer in the PRC, focusing primarily on developing the four main business streams of residential property development, integrated outlets, urban core integrated complex and primary land development, complemented by innovative business areas such as high-tech industrial properties, creative industries, and rental housing.

BCG is a state-owned enterprise under the direct supervision of the Beijing Municipal Government.

The deal draws upon the firm’s market leading practices in Hong Kong office. The team comprises:

• Partner Amy Lo, consultant Tommy Tam, senior associate Eunice Leung, associate Anson Wong and trainees Sylvia Wong and Timothy Nip, who are advising on the privatisation;
• Partners Connie Heng and Angela Chan and senior associate Torrance Shi, who are advising on the bonds issued by BCL;
• Partner Vicky Ma and associate Varian Koh, who are advising on the bank loans of BCL; and
• Partner Terry Yang and senior associate Li Yan, who are advising on the derivatives of BCL.

This is the third merger by absorption advised by Clifford Chance in 2021, after the successful privatisation of Shanghai Prime Machinery Company Limited and China Machinery Engineering Corporation.