Davis Polk has represented Chinese commercial developer Joy City Property in its sale of a 49 percent stake in six mixed-use projects in China worth $1.4 billion to an investment consortium advised by Clifford Chance.

The consortium is controlled by Singapore’s GIC and mainland insurer China Life. A DeHeng team led by partner Bo Cheng represented China Life. 

With the deal, Joy City with divest six well-known properties through the new fund, including Beijing Xidan Joy City, Beijing Chaoyang Joy City, Shanghai Joy City, Tianjin Joy City, Beijing COFCO Plaza and Beijing Beijing COFCO Landmarke Tower, which is still under construction. 

The deal marks the trend toward an “asset-light” development model in China, as commercial property firms look to shift financial burdens amid pressure from rising land costs and fierce competition from online retailers.