Shearman & Sterling represented China State Construction Engineering Corp. (CSCEC), China's largest construction company by revenue and builder of the famous Bird's Nest and Water Cube for the summer 2008 Olympics, in its $150 million investment in and the joint venture for the $3.4 billion Baha Mar casino and resort development project in Nassau, Bahamas. The ground breaking for the project is scheduled for February 21, and construction is expected to take several years.

Financing for the project will be provided by the Export-Import Bank of China, which has made a $2.5 billion loan to the operating company, Baha Mar Ltd. The loan is expected to be syndicated to other Chinese banks. CSCEC will import as many as 8,000 Chinese workers to build the resort.

The Shearman & Sterling team included members of the New York Real Estate Group: partners Lisa Brill and Chris Smith, associates Robert Sein and Matthew Shoenthal and legal assistant Cecilia Beglin (all New York-Real Estate). Assistance was provided by partner Clare Breeze (London-Real Estate), counsel Paul Balaam (London-Real Estate), trainee Richard Cameron (London-Real Estate) and associate Yan Liang (Beijing-Mergers & Acquisitions).