PRESS RELEASE
25 April 2019

Deheng Advised Poly Real Estate Finance Ltd (A Wholly-Owned Subsidiary Of Poly Developments And Holdings Group Co., Ltd.) In Issuance Of Dollar Bonds

DO
DeHeng Law Offices

Contributor

DeHeng Law Offices logo
DeHeng Law Offices is one of the leading law firms providing comprehensive legal services. It was founded in 1993 as China Law Office and was renamed in 1995 as DeHeng Law Offices, reflecting the firm's evolution from an institution of the Ministry of Justice to rapid emergence as an independent, private law firm with 37 domestic and foreign branches and over 2,500 legal service professionals.
In March 2019, Hengli (Hong Kong) Real Estate Co., Ltd. ("Hengli Real Estate"), a wholly-owned subsidiary of Poly Developments and Holdings Group Co Ltd ("Poly Development").
China

In March 2019, Hengli (Hong Kong) Real Estate Co., Ltd. ("Hengli Real Estate"), a wholly-owned subsidiary of Poly Developments and Holdings Group Co Ltd ("Poly Development"), issued $500 million five-year fixed-rate bonds abroad with a coupon rate of 3.875% through its overseas wholly-owned subsidiary Poly Real Estate Finance Ltd. The rate of return of bonds is the five-year US Treasury yield T plus 160 basis points, and the issue price is $99.448 per $100 bond. The bonds issued this time will be listed on the SEHK. Hengli Real Estate provides irrevocable full guarantee for the principal and interest of the bonds.

Founded in 1992, Poly Development is a large state-owned real estate enterprise controlled by China Poly Group Corporation Limited ("Poly Group"), and is the principal operation platform of Poly Group's real estate business with national first-level real estate development qualifications. Standard & Poor's, Moody's Investors Service and Fitch Ratings Inc. respectively give the company the corporate credit rating of "BBB", "Baa2" and "BBB+", with stable rating outlook, and respectively give the rating of "BBB-", "Baa3" and "BBB+" to the bond.

As the issuer's Chinese legal counsel, DeHeng formed the project team headed by Partner Zhu Min from the Beijing office, supported by lawyers Tian Yuan and Sun Meng. The project team members cooperated closely with the issuer, underwriter, overseas lawyers and other parties in providing comprehensive, professional and efficient legal services for this issuance.

Contributor

DeHeng Law Offices logo
DeHeng Law Offices is one of the leading law firms providing comprehensive legal services. It was founded in 1993 as China Law Office and was renamed in 1995 as DeHeng Law Offices, reflecting the firm's evolution from an institution of the Ministry of Justice to rapid emergence as an independent, private law firm with 37 domestic and foreign branches and over 2,500 legal service professionals.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More