Hogan Lovells advises on restructuring of a $1bn Chinese real-estate development fund

Hogan Lovells has advised the general partner of the Trophy Property Development fund on a restructuring of the fund’s underlying real-estate assets in China and its internal management or restructuring.

The fund is a $1bn (£620m) Cayman Islands exempted partnership that has invested in real-estate projects in China.

The restructuring was approved by investors following a consultation process and the consideration of an alternative proposal to manage the fund, which was made by Pacific Alliance Group, a Hong Kong-based alternative investments firm.

Pursuant to the restructuring, the fund will become the majority owner of a large residential project in Shanghai, in exchange for its minority investments in four developments in other key regions in China. The transaction is expected to close in the fourth quarter of 2014, with documents signed on 30 September 2013.

The team advising the general partner, and now Venator, was led by Hong Kong partner Neil McDonald, head of the Asia BRI team. Other members of the team included Shanghai partner Andrew McGinty and senior associate Roberta Chang, as well as Hong Kong consultant Laurence Davidson and associates Harriet Dedman and Amos Yoo.