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DeHeng Assisted Zhejiang Yuanzhu Housing Industrialization Co., Ltd.

on Investment in Dutch Company AIRCRETE

2019-07-11


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The equity investment of Zhejiang Yuanzhu Housing Industrialization Co., Ltd. in Aircrete Europe Holding B.V. ("AIRCRETE") was concluded in Amsterdam, Netherlands on July 8. In this project, DeHeng, in concert with Loyens & Loeff law firm in the Netherlands, provided full legal services for this cross-border investment deal on behalf of the buyer.


Zhejiang Yuanzhu Housing Industrialization Co., Ltd. is a leading engineering construction company in China. AIRCRETE is a world-leading developer and supplier of autoclaved aerated concrete (AAC) sheet machinery and technology. AIRCRETE is committed to providing innovative technology for the global AAC sector for more than 40 years, and offers services in over 100 AAC plants. This successful overseas investment indicates that AIRCRETE successfully introduced Zhejiang Yuanzhu Housing Industrialization, a leading enterprise in the Chinese construction engineering industry, as a strategic partner. The Chinese buyer Zhejiang Yuanzhu Housing Industrialization becomes the controlling shareholder and largest shareholder of AIRCRETE, holding 80% of the company’s shares. Yuanzhu has successfully involved in the mechanical equipment manufacturing sector, and has started to enter the front end of the industrial chain of the assembly-based construction industry.


This cross-border investment project lasted for 10 months. As the legal counsel of the project, DeHeng formed a project team headed by DeHeng Beijing office partner Jia Hui, supported by lawyers Wu Jia and Gao Ya. The team assisted the Chinese buyer in completing this cross-border transaction, including the drafting and signing of preliminary documents of intention, legal due diligence, transaction structure design and legal argumentation (including locked-box pricing mechanism, debt-to-equity swap arrangement, reverse breakup fee, earnings payment mechanism, etc.), drafting and revision of transaction documents, multiple rounds of negotiation on transaction documents, local bank financing, establishment of SPVs in Hong Kong and the Netherlands, filing and approval of foreign investment, and final closing. Taking full account of the characteristics of the project and the needs of clients, DeHeng provided professional legal services to assist the successful completion of this overseas investment project.

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