DLA Piper acts for China’s Greenland Holdings Group in US real estate development investment
DLA Piper has acted for Greenland Holdings of China in the purchase of a stake in the Brooklyn Atlantic Yards project, the largest commercial real estate development in the US to get direct backing from a Chinese company.
The state owned property developer signed a Memorandum of Understanding with Forest City Ratner Cos. last Friday, which will give the company a 70% stake in the 15-tower apartment project in New York, which also includes office and retail space. The Atlantic Yards site also includes the Barclays Centre arena, which is joint owned by Forest City and Russian billionaire Mikhail Prokhorov.
This is the first transaction for Greenland in the New York area and DLA will be assisting Greenland to navigate the complex legal, commercial and political issues involved in this landmark project.
Kit Kwok, partner at DLA Piper in Shanghai said: “”This was an extremely interesting and challenging transaction for us to work on and we are thrilled to be part of such a ground breaking transaction for our client Greenland Holdings. Building on their vast experience in the PRC market, Greenland is seeking to further diversify their investment outside of China. This deal demonstrates the increasing cross-border deal flow we are seeing originating in China going aboard and is indicative of where we see the market going in the long-term.”
DLA Piper’s team is led by Kit Kwok, Partner in DLA Shanghai office, working with Lillian Duan and Sarah Wang and supported by Martin Polevoy of DLA Piper’s New York office.
Goodwin and Proctor represented Forest City Ratner.
For more information contact:
Samantha Boston
DLA Piper
t:+852 2103 0458
m:+852 6310 0633
e:[email protected]
