Grandall Law Firm has advised long-stay rental apartment operator Mofang Gongyu in its recent $300 million Series C round of financing led by Chinese financial conglomerate AVIC Trust, which was represented by Zhong Lun Law Firm.

Global Law Office and Paul Hastings were also involved in the funding, serving as China and U.S. legal counsel for international private equity firm Warburg Pincus, respectively. 

Shenzhen-based partner Catherine Guo oversaw the transaction for Zhong Lun while Global’s team was led by partner Lin Huawei.

Operating 150 apartment complexes in 15 Chinese cities, Mofang aims to cater to different needs in China’s vast and hugely lucrative rental market. Data has shown that China’s floating population has reached around 250 million, and 72 percent of them would choose to rent an apartment, given the whopping price of properties in cities like Beijing and Shanghai.