DeHeng Assists Country Garden Services

on Obtaining Merger Review Clarance in Several Transactions

such as Country Garden Services/Wealth Best Global

2021-12-01

On September 20, 2021, Country Garden Property Services HK Holdings ("CG Services") announced that CG Services entered into an agreement with R&F Property Services Group, to acquire Wealth Best Global, the latter's wholly-owned subsidiary, with the consideration of less than RMB 10 billion. Upon completion of the acquisition, CG Services will hold 100% of the shares in Wealth Best Global and indirectly acquire 100% of the shares held by the latter in each of the target companies. This is so far the biggest acquisition deal in the property management industry. 

In addition to the above acquisition, CG Services has acquired a total of 71.17% of the shares of Sichuan Languang Justbon Services Group and 100% of the shares of Link Joy Holdings Group, with the consideration of about RMB 5.4 billion and RMB 3.3 billion respectively.

Retained by CG Services, the DeHeng team, led by partner Ding Liang of the Beijing Office, and partner Wang Suqin of the Shenzhen Office, with primary support from lawyers Xiao Li and Li Meng from the Beijing Office, was responsible for the merger review clearance and provided whole-process legal services for the notification of the concentration of undertakings involved in these deals. Experienced and familiar with regulatory requirements, they completed the preparation of notification proposals, market-defining, competition analyses, and preparation of notification documents within a short period of time. They also helped CG Services obtain the merger review clearance of the above acquisitions in a short time, and provided professional, efficient, and high-quality legal services for the antitrust compliance of the above deals, winning high praises from the client.

About the partners: