Mourant advises on historic HKD88 billion refinancing transaction

Our Hong Kong Finance and Corporate team have advised the lenders on the Cayman Islands and BVI law elements of the historic HK$88 billion (US$11.3 billion) refinancing and alignment of certain New World Development Company Limited’s (New World Development) existing financial indebtedness. This is the largest refinancing of its kind to have taken place in the Hong Kong market and the sheer scale, complexity and speed of the transaction has set a new industry benchmark.

New World Development is a Hong Kong Stock Exchange company whose business focus includes property development and investment, with operations in Greater China, particularly the Greater Bay Area, which comprises nine cities and two special administrative regions in South China.

The Mourant team was led by Hong Kong Partner Simon Lawrenson with support from Senior Legal Manager Dan Lu, Associate Charmaine Low, and Paralegal Michelle Wong. The team worked closely with leading multinational law firm A&O Shearman, who advised the lenders as to Hong Kong law.

Commenting on the transaction, Simon said:

“It was a pleasure to assist the bank group and to collaborate alongside the talented A&O Shearman team on this landmark transaction. It was a complex financing structure with an extremely tight timeline, and it’s a huge privilege to see its successful completion, which will no doubt be positively received by the Hong Kong market.”