Norton Rose Fulbright advises Joy City on commercial complex disposal to list Consumer Infrastructure REIT

Global law firm Norton Rose Fulbright has advised Joy City Property Limited (Joy City) on the disposal of a commercial complex in Chengdu for the purpose of the listing and public offering of the Consumer Infrastructure Real Estate Investment Trust (REIT) on the Shenzhen Stock Exchange.

The listing of REIT also constitutes a spin-off listing by Joy City, a company listed on the Hong Kong Stock Exchange. (00207.HK).

Joy City’s Consumer Infrastructure REIT will be one of the first Consumer Infrastructure REIT products to be listed on the Shenzhen Stock Exchange, after the China Securities Regulatory Commission (CSRC) expanded the scope of the REITs pilot programme to include consumer infrastructure (including department stores, shopping centres, farmer’s markets and other retail properties) in 2023.

Joy City is a real estate company and subsidiary of the leading Chinese state-owned conglomerate COFCO, responsible for the development, sale, leasing and management of mixed-use complexes and commercial properties, such as shopping malls, hotels, offices, serviced apartments and resort and tourism property across China.

The Hong Kong-based Norton Rose Fulbright team advising Joy City was led by Head of Hong Kong Psyche Tai and partner Doris Ng, with support from senior associate Timothy Lam.

Psyche Tai commented:

“We are delighted to have supported our client Joy City Property Limited on this deal, which will see the Consumer Infrastructure Real Estate Investment Trust listed on the Shenzhen Stock Exchange and contribute to driving the regional real estate and commercial property sector forwards.”