Deacons has advised Chinese Estates Holdings on its sale of its 49 percent stake in Grandday Group, a joint venture with interests in property developments in China, to Dynamic Grand Ltd for $500 million.

Clifford Chance advised Dynamic Grand Ltd, a company held by an investment fund managed by SPARX Asia Capital Management.

Hong Kong-based partner Neeraj Budhwani led the Clifford Chance team, alongside partner Matthew Truman, who assisted with the financing aspects of the transaction.

Deacons’ corporate partner Eugina Chan acted for Chinese Estates Holdings.

“Despite recent slowdown in the Chinese real estate sector, it continues to be an attractive industry for foreign investment,” said Budhwani in a statement.

Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.

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