DeHeng Advised Joy City on the Issuance of the First (Bond Connect)
"Panda Bond" by Non -Financial Institution in China

2017-09-08

On September 6, 2017, Joy City Property Limited ("Joy City") issued medium-term notes of RMB 1 billion yuan (with a registered quota of RMB 10 billion yuan) in the inter-bank market. Known as "17 Joy City MTN001BC", the bond has an issue rate of 4.95%. The bond was issued to overseas investors through Bond Connect and was the first (Bond Connect) "Panda Bond" by a non-financial institution in China.

Joy City (HK.00207), a company listed on the Main Board of the Hong Kong Stock Exchange, is the flagship real estate business unit of COFCO Group and is primarily engaged in the development, operation, sale, leasing and management of complexes and commercial properties, such as shopping malls, hotels, office buildings, serviced apartments and vacation & tourism properties. The issuance of this bond coincided with the 20th anniversary of Hong Kong's return to China and realized the interconnection of the financial markets in mainland China and Hong Kong, and promoted the process of RMB internationalization. This issuance has far-reaching significance and influence.

DeHeng attorneys, including Pu Hong, Qiu Ru, and Xu Shuai, were engaged by Joy City to provide specific legal services for the project and provided professional opinions on a number of key aspects based on their rich experience in the field of "Panda Bonds".