Global law firm Norton Rose Fulbright has advised China International Capital Corporation Hong Kong Securities Limited as the sole sponsor to the spin-off and separate listing on the Main Board of the Hong Kong Stock Exchange (HKSE) of the shares of C&D Property Development Group Co., Ltd (C&D Property).
C&D Property is a leading property management services provider in China’s Fujian Province, and it focuses primarily on three business lines, including property management services; community value-added and synergy services; and value-added services to non-property owners.
C&D Property is a subsidiary of Xiamen C&D Corporation Limited, a large-scale conglomerate and a Fortune Global 500 Company that is owned and supervised by the State-owned Assets Supervision and Administration Commission of Xiamen Municipal People’s Government in China. C&D Property is also a subsidiary of C&D International Investment Group Limited (1918.HK), which is mainly engaged in property development, real estate industrial chain investment services and emerging industry investment.
Psyche Tai, partner and Head of Hong Kong, who led on the deal, commented:
“Our equity capital markets team in Hong Kong has been active throughout 2020 and particularly in the property management sector. Chinese property management firms are expanding rapidly, and the market is a highly attractive one for investors.”
The Hong Kong team also included partner Doris Ng and associates Timothy Lam and Zoe Tang.
This is the third property management IPO on which the Hong Kong team has advised in the past two months, following the listings of Sino-Ocean Services and Sunac Services.