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| Off and racing in pursuit of Olympics contracts ( 01/11/2002 ) | |||||||||
The appointment makes it the first international law firm and Hong Kong office to capitalise on multi-billion dollar projects relating to the 2008 Olympic Games. The firm will advise the Beijing Municipal Development and Planning Commission on the building of the Olympic Village, the National Stadium the National Gymnasium, the National Swimming Centre, a convention and exhibition centre and general commercial facilities. Corporate partner Michael Liu said the team had been appointed from hundreds of bidders and a short-list of 80 firms from around the world. Banking partner Grant Fuzi added: "This is one of the most exciting and potentially most rewarding projects in Asia for years. It is particularly timely for us given the current trend for companies all around the world to look towards China, given its recent accession to the World Trade Organisation. "The appointment underscores the strength of our regional projects and corporate practices. It also underscores the strength of Allen & Overy's China practice and its substantial presence on the ground. We are understandably delighted to have been appointed at such an early stage and look forward to substantial involvement."
The Olympics appointment follows a highly successful year for the firm in Asia, particularly in China. Recently, Allen & Overy advised the joint financial advisors and joint global co-ordinators, BOC International, Goldman Sachs and UBS Warburg on the initial public offering of BOC (Bank of China) Hong Kong. The listing took place in Hong Kong in July and remains one of the largest IPOs in the world this year. Mr Fuzi said Hong Kong would continue to be a services platform for the firm's work in the mainland. "In terms of our ability to service clients looking to invest in China or for Chinese clients looking to invest outside of the mainland, we are well serviced by our regional hub in Hong Kong." The Hong Kong Law Society confirmed it has received 59 tenders for legal consulting services related to the Beijing Olympics. The society estimates the Olympics will generate up to HK$659.6 million (US$84.5 million) for international law firms in the Chinese mainland. Foreign lawyers, including Hong Kong practitioners, are only allowed to advise on international and foreign law in the mainland. Related links: | |||||||||
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