2023.01.16
On January 16, 2023, Yuexiu Property successfully issued RMB 2 billion free trade zone (FTZ) offshore bonds with an interest rate of 4%, which were listed and traded on the Macau Financial Asset Exchange (hereinafter referred to as the “Project”).
The Project set several records, including:
The largest FTZ bond issuance with the lowest interest rate in the Greater Bay Area, and the largest single issuance by a non-financial enterprise since 2022;
The first FTZ bond issuance secured by an overseas guarantee;
The first FTZ bond issuance by a Hong Kong-listed company;
The first FTZ bond issuance by a Guangzhou-based enterprise; and
The first FTZ bond issuance by a real estate enterprise since 2022.
Yuexiu Property was founded in 1983 and listed in Hong Kong in 1992 (00123.HK). It is one of the first ever comprehensive real estate development enterprises in China, the creator of China’s first generation of commercial housing, and the first real estate red-chip company. Yuexiu Property established the world’s first Hong Kong-listed real estate investment trust fund to invest in properties in mainland China (Yuexiu REIT (00405.HK)). It also controls one of the top 100 property management enterprises in China (Yuexiu Services (06626.HK)) which provides the largest scale of TOD comprehensive property management services in the country.
JunHe acted as PRC legal counsel to the underwriter. Despite adverse factors such as increasing global macroeconomic uncertainty and the COVID-19 epidemic, JunHe conducted PRC legal due diligence and issued PRC legal opinions. The team advised the issuer on the internal and external approval procedures and assisted in reviewing the transaction documents based on PRC laws. JunHe’s meticulous and dedicated service attitude won the recognition and trust of the issuer and the other intermediaries.
The Project was led by partner YU, Yongqiang (YY) and internally reviewed by partner HUANG, Wei.
