Davis Polk advised Vanke Service (HongKong) Co., a subsidiary of China Vanke, on its subscription for 4.9% of the ordinary shares of Cushman & Wakefield plc concurrently with, and after giving effect to, Cushman & Wakefield’s initial public offering and listing on the New York Stock Exchange. The aggregate subscription price was approximately $180 million. In addition, the parties intend to discuss possible opportunities related to their respective businesses in the Greater China Region.
Vanke Service (HongKong) Co. is a subsidiary of Vanke Property Development Co., which is a leading property management company based in China. Vanke Service and Vanke Property Development are subsidiaries of China Vanke Co., a real estate company listed on the Shenzhen and Hong Kong stock exchanges. Cushman & Wakefield plc is a top three global commercial real estate services firm which operates in 70 countries and manages approximately 3.5 billion square feet of commercial real estate space.
The Davis Polk corporate team included partners Paul Chow and James C. Lin, counsel-registered foreign lawyer Brian J. Snyder and registered foreign lawyer Jennifer Liu. Partner Jonathan Cooklin and associate Dominic Foulkes provided tax advice. Partner John B. Reynolds III and counsel Mary K. Marks and Nicholas Spearing provided regulatory advice. Members of the Davis Polk team are based in the Hong Kong, London, Washington DC and New York offices.