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China State Construction Engineering obtains financing to construct Viceroy resort in Dubai

2013

Client(s) China State Construction Engineering (Hong Kong) Ltd.

Jones Day is advising China State Construction Engineering Corporation as sponsor, shareholder, and main contractor in relation to a term loan facility entered into by SKAI Zaya Real Estate Development LLC and Assas Investments Limited, as borrowers, with Industrial and Commercial Bank of China Limited for the construction of a $1 billion resort on the Palm Jumeirah, Dubai.

Beijing-based China State Construction Engineering Corporation was awarded the contract to build the Viceroy resort in June 2013. Construction on the project began last year and the hotel is scheduled to open towards the end of 2016. The Corporation and SKAI Holdings have formed a special purpose vehicle, Assas, to deliver the scheme.

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