Paul Hastings and JunHe have advised Onewo, the property services arm of the developer China Vanke, on its $713 million IPO in Hong Kong, with Herbert Smith Freehills and Commerce & Finance Law Offices advising the joint sponsors.

Vanke, which has weathered China's property sector crisis in better shape than most if its rivals, owns 62.9 percent of property management service provider Onewo and is its biggest customer, Reuters said.

Onewo is one of the largest Hong Kong IPOs in 2022 so far, with the value of deals in the Asian financial hub down nearly 90 percent due to a year of Sino-U.S. tension and a tightening regulatory environment in China, Reuters added.

The Paul Hastings team was led by partners Raymond Li, Vincent Wang, and Fan Chaobo, while the HSF team was led by partners Jeremy Shen, Stanley Xie, and Jin Kong. 

JunHe’s team was led by partners Hu Yijin and Yu Yongqiang, who were supported by partners Dong Xiao, Yuan Qiong, Liu Yang, Ye Yurong, and Yao Jiwei. 

The joint sponsors were CITIC Securities, Citigroup, and Goldman Sachs.