In August 2019, Changde Economic Construction Investment Group Co., Ltd. successfully issued U.S.$200,000,000 6.60 per cent. Bonds due 2022 with Moody's rating of Ba1 and coupon rate of 6.6%.

The Group is a state-owned medium-I enterprise incorporated after restructuring in 2008. It is responsible for financing and investment, urban infrastructure construction, development and operation in the new area in north Changde, and integrates functions such as financing, investment, construction, operation and debt repayment. For more than ten years, the Group has focused on the three principal businesses of "financing, construction and operation," positioned itself as a "green city developer," constantly improved the management and operation mechanism, and strived to realize the integrated development of industries and the city. So far it has formed five business units in cultural tourism, medical and health care, real estate, financial investment and modern services.

As the PRC counsel to the managers in connection with the issue of the Bonds, DeHeng team, led by Mr. Hou Zhiwei, the partner of its Beijing Office, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Wang Zhi, provided professional, comprehensive and high-quality legal services for the issue of the Bonds.