Offshore law firm Harneys has won two Deal of the Year awards from China Business Law Journal for its work on the Kaisa Group’s debt restructuring and HengXinLi’s launch of the first global real estate crowdfunding platform in China. Award winners were announced on Jan. 13.
China Business Law Journal presents its awards annually based on hundreds of nominations from in-house counsel and other qualified observers and research conducted by the publication’s editorial team.
Harneys advised Kaisa Group Holdings Ltd. in relation to restructuring US$2.5 billion of offshore debts. Led by Ian Mann and newly promoted partner Chai Ridgers, both based in Hong Kong, and Jayson Wood, litigation and restructuring partner in the firm’s Cayman Islands office.
The first global real estate crowdfunding platform in China is designed to provide Chinese investors with access to real estate in major international cities. The platform is aimed at middle-class Chinese nationals who want to invest in real estate in countries such as the U.K. and the U.S.
As crowdfunding tends to collect relatively small amounts of capital per investor, the platform had to be structured to allow several BVI companies to co-invest in another BVI company, which would then use an offshore vehicle to acquire the underlying property. Partners Aki Corsoni-Husain and Simon Hudd and counsel Shari Hawke advised on the transaction.
Jonathan Culshaw, Harneys’ Asia managing partner, said, “Harneys has acted on a number of ground-breaking deals, both in Asia and elsewhere in recent years, and these awards highlight not only our global reach, but also our involvement in some of the most complex cross-border deals involving offshore elements.”