9 ASIAN LEGAL BUSINESS – MARCH 2024 WWW.LEGALBUSINESSONLINE.COM BRI EFS Another well-received change introduced is the explicit permission for persons to transfer their “lease rights” to others if they lease land from the state under an annual rent payment scheme. Also, there will be no investor selection tendering requirements except for township development projects including international football betting and joint ventures with state-owned enterprises involving changes in land use purposes, Duyen points out. WHAT CHALLENGES WILL INVESTORS BE FACING? Duyen points out that most proposed changes actually favour land users compared to investors, who therefore, will need to pay closer attention, especially the immediate period - around two to three years – following the enactment of the new law. “Investors must navigate this transitional phase with careful consideration, informed advice, and strategic planning. Business areas such as real estate, energy, DEALS $8.5 BLN Merger of Viacom18 and Star India Deal Type: M&A Firms: AZB & Partners; Cleary Gottlieb Steen & Hamilton; Covington & Burling; J Sagar Associates; Khaitan & Co; Shardul Amarchand Mangaldas & Co; Skadden, Arps, Slate, Meagher & Flom Jurisdictions: India, U.S. $6.8 BLN Establishment of CVC Capital Partners Asia VI fund Deal Type: Fund Firm: Simpson Thacher & Bartlett Jurisdiction: N/A $6.4 BLN Formation of KKR’s Asia-Pacific infrastructure and energy fund Deal Type: Fund Firm: Debevoise & Plimpton Jurisdiction: N/A $5.9 BLN Renesas’ acquisition of Altium Deal Type: M&A Firms: Covington & Burling; DLA Piper; King & Wood Mallesons; Nagashima Ohno & Tsunematsu; Reed Smith Jurisdictions: Australia, Japan $3.3 BLN Lawson take-private Deal Type: M&A Firms: Anderson Mori & Tomotsune; Nagashima Ohno & Tsunematsu; Nishimura & Asahi Jurisdiction: Japan $2.8 BLN APG’ investment in Indonesia toll road platform Deal Type: M&A Firms: ABNR; Clifford Chance; Herbert Smith Freehills; Hiswara Bunjamin & Tandjung Jurisdictions: Indonesia, Netherlands $2 BLN Dai-ichi Life Holdings’ acquisition of Benefit One Deal Type: M&A Firms: Mori Hamada & Matsumoto; Nishimura & Asahi Jurisdiction: Japan $1.5 BLN CVC Capital Partners’ acquisition of Sogo Medical Group Deal Type: M&A Firms: Clifford Chance; Mori Hamada & Matsumoto; Nishimura & Asahi Jurisdiction: Japan, Luxembourg infrastructure projects, and commercial/industrial properties will necessitate meticulous legal guidance and strategic regulatory management for successful project development and M&A activities,” says Duyen. “While a comprehensive assessment will be needed after the issuance of sub-law regulations guiding the new law’s implementation, the new law’s anticipated effect is to provide increased opportunities and flexibility for investors, land users, and relevant state authorities,” she adds.
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