New York and Beijing, March 6,2008 – Baker & McKenzie represented Xinyuan Real Estate Co., Ltd.,on its successful US$282 million initial public offering and New YorkStock Exchange listing on December 12, 2007. The listing makes Xinyuanthe first China property developer to be listed in the United States;introducing China’s fast-growth property sector directly to U.S.investors for the first time.
With advanced Sino-foreign investment law experience combined withan extensive knowledge of U.S. securities law, Baker & McKenzie’steam was led by Partners Scott Clemens in Beijing and Omer Ozden in NewYork with assistance from fully bilingual lawyers in both Beijing andNew York to work in close collaboration with a global working groupthat included Xinyuan, pre-IPO private equity investors, Blue RidgeChina and Equity International, the NYSE, bankers, as well as otherlegal and financial advisors to complete the deal.
“We are very pleased to help Xinyuan reach public capital marketsafter representing the company in its pre-IPO private equity and debtfinancings,” said Scott Clemens, who heads the Securities PracticeGroup in Asia Pacific. “The successful closing of this complextransaction demonstrates the Firm’s unrivaled global capabilities todeliver seamless legal representation in the world’s major marketsregardless of where our clients are located. The location of the teamon opposite sides of the world meant we had people dedicated 24 hourstowards deal execution, which facilitated the rapid completion of thetransaction prior to the change of market conditions.”
“With China becoming more restrictive in its foreign investmentregulations, particularly with respect to real estate, this transactionrequired our lawyers to deal with an array of complexities arising fromthe intersection of SEC and PRC law,” added Omer Ozden.
“This was the case at all stages, whether it was the private equity,debt or public offering. China deals are requiring an increasing levelof sophistication, creativity and speed, and we believe our uniqueability to deliver on-the-ground dual expertise in New York and Beijingwill set a new industry standard of legal representation for offeringsin the United States by Chinese issuers.”
Merrill Lynch & Co. was the sole bookrunner and lead underwriter.