BREP VIII Times SBS Limited, BREP Asia II Times SBS Limited, Blackstone Real Estate Partners Asia II L.P., Blackstone Real Estate Partners Asia II (Lux) SCSp, Blackstone Real Estate Partners (Offshore) Viii-Nq L.P., Blackstone Real Estate Partners (Offshore) VIII.F-NQ L.P., Blackstone Real Estate Partners (Offshore) VIII.TE.1-NQ L.P., Blackstone Real Estate Partners (Offshore) VIII.TE.2-NQ L.P., Blackstone Family Real Estate Partnership Asia II – SMD L.P. and Blackstone Family Real Estate Partnership (Offshore) VIII-SMD LP and others entered into an agreement to acquire 69.5% stake in Hong Kong International Construction Investment Management Group Co., Limited (SEHK:687) from HNA Finance I Co., Ltd. for HKD 3.9 billion on March 8, 2019. Under the terms of the transaction, buyer group will acquire 2.34 billion shares at HKD 3 per share. Out of total consideration, buyer group will pay HKD 3.9 billion at HKD 1.68 per share at closing, an amount equivalent to the sum of target receivables received by Hong Kong International Construction between July 1, 2018 and June 30, 2019 and HKD 132.04 million on September 8, 2019, and remaining amount equal to sum of amount receivables received by the Hong Kong International Construction and/or its subsidiaries between July 1, 2019 and December 31, 2019, and HKD 132.04 million on March 8, 2020. The transaction will be funded through cash from related funds. In a related deal, The Blackstone Group L.P. made an offer to acquire remaining 28.5% stake in Hong Kong International Construction Investment Management Group Co., Limited for HKD 2.9 billion. Following completion of the transaction contemplated under the agreement, it is intended that the resignation of Chen Chao, He Jiafu, Liu Junchun, Huang Qijun, Guo Ke, Zhang Peihua, Tang King Shing and Yang Han Hsiang from the Board would take effect from the day immediately after the offers closing date. The transaction is subject to certain conditions including the delivery of a voluntary prepayment notice by HNA Finance I to PAG in accordance with the agreement requesting all amounts outstanding under the facility agreement to be prepaid on the closing date, lender consents under specified debt documents. The transaction is expected to close on 13th business day after the agreement. The Hongkong and Shanghai Banking Corporation Limited acted as financial advisor to the buyer group. Clara Choi, Vincent Chan, David Chan and Caroline Lin of Slaughter & May acted as legal advisor to HNA Finance I Co., Ltd. Somerley Capital Limited acted as Independent financial adviser to the Independent Board Committee of Hong Kong International Construction Investment Management Group Co., Limited. BREP VIII Times SBS Limited, BREP Asia II Times SBS Limited, Blackstone Real Estate Partners Asia II L.P., Blackstone Real Estate Partners Asia II (Lux) SCSp, Blackstone Real Estate Partners (Offshore) Viii-Nq L.P., Blackstone Real Estate Partners (Offshore) VIII.F-NQ L.P., Blackstone Real Estate Partners (Offshore) VIII.TE.1-NQ L.P., Blackstone Real Estate Partners (Offshore) VIII.TE.2-NQ L.P., Blackstone Family Real Estate Partnership Asia II – SMD L.P. and Blackstone Family Real Estate Partnership (Offshore) VIII-SMD LP and others completed the acquisition of 69.5% stake in Hong Kong International Construction Investment Management Group Co., Limited (SEHK:687) from HNA Finance I Co., Ltd. on March 27, 2019. Post acquisition, offeror and its concert Parties together hold 2.4 billion shares, representing 71.47% stake. Offeror is required to make a mandatory unconditional general offer in cash for all the issued Shares other than those already owned or agreed to be acquired by the offeror and its concert parties and to make comparable offers to the option holders for all share options (which confer rights on the option holders to subscribe for new shares) by way of cancellation of the share options. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone.