Recently, Chungs Lawyers in association with DeHeng Law Offices advised Mingfa Group (International) Company Limited (“Mingfa”, together with its subsidiaries “Mingfa Group”) on the disposal of 20% of the issued share capital of Superb Land Limited (“Target Company”) and sale loans at a total consideration of HK$625 million (“Disposal”). The principal business of the Target Company is investment holding of a company which directly holds a property development project in Shouson Hill, which is known as the ‘‘No. 15 SHOUSON’’. No. 15 SHOUSON is a luxury residential property development project which offers 15 detached houses with a total gross floor area of approximately 87,200 square feet.
The Disposal constituted a major transaction under Chapter 14 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”). The Disposal was approved by way of a written shareholders’ approval in lieu of holding a general meeting pursuant to Rule 14.44 of the Listing Rules.
Mingfa is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 846). Mingfa Group is one of the leading developers of integrated mixed-use commercial complexes and large-scale mixed-use residential properties in the PRC. Mingfa Group also develops hotels and industrial properties such as logistics centres and research and development centres.
The deal is led by lead partners Ernest Chung and Stephen Kei of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, and supported by the team members including Adrian Mak, Edwin Wong, Fiona Kam, Jacky Lam, Alex Tsoi and Daniel Ting.