On August 10, 2017, Banyan Tree Holdings Limited (“Banyan Tree”) executed and completed definitive agreements with China Vanke Co., Ltd. (“Vanke”) to create Banyan Tree Assets (China) (hereinafter referred to as “BTAC”), a 50:50 joint venture incorporated in Singapore between Banyan Tree and Vanke, and to consolidate the ownership of its Banyan Tree-branded hotels and assets in China.
This project is a significant one for Vanke, a leading residential real estate enterprise, to enter the commercial real estate sector. JunHe, as the PRC legal counsel to Vanke, rendered legal services including due diligence, transaction structure design, drafting and the negotiating of contracts. In light of the more strict controls on foreign exchange in China, our lawyers discussed the pros and cons and the feasibility of the various structures with the client, and assisted the client to make its choice on the premise that it was fully acquainted with the pros and cons of the various project structures, both home and abroad. Furthermore, we assisted the client to analyze in great detail the non-compete obligations of Banyan Tree and Vanke at all levels, and the licensing of trademarks and other intellectual property rights, and held complex negotiations with the other party.
Mr. YU, Yongqiang (YY) was the lead partner in this project. The partners primarily undertaking the project were Mr. ZHANG, Jianwei, Mr. LIN, Jiayu (Paul), Mr. HE, Kan (Daniel) and Ms. Yung Yung Janet Hui.