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.