The Hong Kong office of international law firm Eversheds has advised Hong Kong-based company Chow Tai Fook Enterprises Limited (“CTF”) on an US$518 million property deal involving the purchase of a 70 percent stake in Shanghai Four Seasons Hotel and a 90 percent stake of two land plots in the Qingpu district in Shanghai from Shanghai Industrial Holdings Limited, a company listed on the Hong Kong Stock Exchange.

CTF is a diversified Hong Kong-based company principally engaged in the property development, hotel, casino and transportation businesses and is the controlling shareholder of the New World Group. CTF is controlled by Hong Kong tycoon Dato Dr. Cheng Yu-tung and his family members.

The two purchased land plots are currently available for residential development and cover approximately 750,000 square meters.

The Eversheds team was led by Hong Kong corporate partners Stephen Mok and Stephen Chan and assisted by corporate associates Catherine Chun, Kristie Law and Sian Lewis.Stephen Mok commented:

“This is a significant deal which will both increase and diversify CTF’s existing portfolio. We look forward to advising CTF on future matters.”