Backed by China SCE group, Funlive is a term rental apartment brand which offers tenants trendy living spaces and prime services. As of 2019, Funlive manages more than 20,000 rooms and operates in 14 cities in Mainland China including Beijing, Shanghai and Shenzhen.
The Simmons team, based in Hong Kong, advised Funlive on its US$500m joint venture with Proprium Capital Partners and its co-investor, a middle eastern sovereign wealth fund. The joint venture will acquire, develop and operate multi-family residential projects in gateway cities across Mainland China. The investors of the joint venture have committed an initial equity of US$230m. This is the second joint venture of Funlive, which demonstrates the steady growth of multi-family residential projects in Mainland China.
The team was led by corporate partner, Michael Chin and supported by Shirley Zhao and Donia Chu.
Commenting on the matter, Michael Chin said “The Simmons corporate practice in Hong Kong was pleased to act for Funlive in their latest joint venture. The deal is an important move for the rental platform and it highlights the increasing interest in investment in family residential projects across mainland China.”