Cadwalader, Wickersham & Taft LLP has advised New Century Asset Management Limited, manager of the Hong Kong-listed New Century Real Estate Investment Trust (New Century REIT), on an approximately RMB380 million (US$59 million) acquisition of New Century Grand Hotel Kaifeng in China. The transaction was completed on July 31, 2015.

The five-star hotel, located in Henan Province, China, was sold by Hangzhou New Century Real Estate Group Limited, a company in a conglomerate which integrates real estate investment, development, design and property management in China. New Century REIT is the first China-based hotel REIT in the world that also owns a group of five-star hotels, including New Century Grand Hotel Hangzhou, Songjiang New Century Grand Hotel Shanghai, New Century Resort Qiandao Lake Hangzhou, New Century Grand Hotel Ningbo and New Century Grand Hotel Changchun, as well as four-star hotel New Century Hotel Xiaoshan Zhejiang.

The Cadwalader team was led by corporate partner Stephen Chan and included Hong Kong-qualified corporate associate Denise Tsui and trainee solicitor Jacqueline Foo, all based in Hong Kong.

Cadwalader has been advising clients in China and across the region for over a decade, providing premier legal services to leading U.S., U.K. and European financial institutions and multinational companies doing business and investing in Asia. Cadwalader also serves China-based entities in their international business activities and investments into the U.S. and throughout the world.