Fangda Partners represented VNET Group, Inc. (“21VIANET”) in its establishment of a joint venture together with a sovereign wealth fund (“Partner”). Such joint venture will pursue development and investment opportunities in multiple build-to-suit hyper-scale data center projects in China. The first targeted capital commitments from 21VIANET and Partner are expected to reach RMB5 billion. The transaction documents were signed on December 13, 2021. The team on this deal was led by partners Peng Tan and Anita Lu, with the team members comprising Stacy Shi, Zoe Hu and Ellison Ma. Fangda handled designing of deal structure and preparation and negotiation of the transaction documents. 21VIANET is a leading carrier- and cloud-neutral Internet data center services provider in China.