China Overseas Land & Investment has recently established the US$250m Harmony China Real Estate Fund, for the purpose of investing in real estate investments and projects development opportunities in the PRC, with other co-investors which include ICBC International Investment Management and a subsidiary of China Overseas Holdings. 

In connection with the establishment of the fund, the parties also agreed to set up JV entities to manage and administer the affairs.

Maples and Calder acted as Cayman Islands legal counsel in connection with the establishment of the fund and also advised the sponsors on the JV arrangements. Baker & McKenzie’s Hong Kong office acted as lead onshore counsel to the two JV parties – China Overseas Land & Investment and ICBC International Investment Management Limited.

“The fund exemplifies the current trend for JVs in the PRC real estate market and the growing influence of the asset management businesses of the PRC banks,” said Maples’ lead partner Anthony Webster.
China Overseas Land & Investment, advised by JSM, first listed in Hong Kong in December 2008, raising US$322m.