Paul Hastings Advises Wing Lung Bank in Cross-border Real Estate Refinancing Facility

April 29, 2010

Shanghai (April 29, 2010) Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that it has advised Wing Lung Bank Limited (Wing Lung Bank) and its various affiliates in mainland China in a combined onshore and offshore refinancing facility of approximately US$100 million. This cross-border refinancing involved several jurisdictions including Barbados, Cayman Islands, China, Hong Kong and the United States.

The loans have been extended to affiliates of CarVal Investors, which are holding and renovating the Yu Fashion Garden, a high-end retail property located in the Cheng Huang Miao district of Shanghai.

In addition to Wing Lung Bank and its China branches, China Merchants Bank Company Limited Shanghai Wu-Jiao-Chang Sub-branch also committed a portion of the onshore facility. Zhong Lun Law Firm advised on PRC issues related to the onshore tranche.

The Paul Hastings team was comprised of corporate partner Jia Yan and associates Wayne Ma, Edward Hsu, Paul Guan and Amy Qu.

Wing Lung Bank is one of the longest established Hong Kong banks. With over 40 banking offices, primarily in Hong Kong and China, it also operates through overseas branches in Los Angeles and the Cayman Islands. This transaction is one of the first cross-boarder real estate financing transactions jointly arranged and participated by Wing Lung Bank and its various affiliates in China, including its China branches and China Merchants Bank Shanghai Branch.

Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.