Since the revised Insurance Law (effective 1 Oct 2009) granted permission to insurance companies to invest into real estate, domestic insurance companies have been more active in real estate investments in their bid to diversify their investment portfolios.

Paul Hastings, who acts as regular external counsel to advise on legal and regulatory matters for Sino-Ocean, was recently instructed on the China Life US$750m acquisition of Hong Kong-listed Sino-Ocean Land Holdings’ shares. Paul Hastings previously also advised the company on its US$700m loan, provided by 19 banks in September.

In the 2009 ALB China In-house 10 feature, China Life’s general manager of the company’s legal and compliance affairs department Zheng Yong, listed King & Wood, Debevoise & Plimpton and Freshfields as his company’s top three long-term legal advisors, so clinching representation for China Life in this deal marks a milestone for Latham & Watkins. “We are delighted to achieve a successful closing within an intensive period. With our strong relationship with China Life, we look forward to assisting the Group in other important projects,” said Yeung.

Other insurance companies actively investing in real estate include Ping An Insurance, which invested in two property developers, the Greentown Group and the Gemdale Group.

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• Paul Hastings enjoys return of loan transactions
• 2009 ALB In-house 10