DeHeng Advised China Life Investment Holding Co., Ltd.
on Investing in Phase-2 Project of Harbin Metro Line 3
and Dalian Bay Submarine Tunnel Project
2019-12-25
China Life Investment Holding Co., Ltd. (hereinafter referred to as "China Life Investment") recently invested through China Life-CCCC Fund in the Phase-2 Project of Harbin Metro Line 3 and the Dalian Bay Submarine Tunnel Project under China Communications Construction Co., Ltd. (hereinafter referred to as "CCCC"), with a total contribution of RMB 6.504 billion and it is expected to drive total investment of RMB 41.909 billion.
The Phase-2 Project of Harbin Metro Line 3 is a major rail transit construction project undertaken by CCCC. China Life will invest 4.2 billion yuan, with the first phase contributing one billion yuan, and the whole project investment will reach 25.6 billion yuan. This civil engineering project will greatly meet local residents’ demand for rail transport and strongly boost the city’s urban development and improve its infrastructure.
The Dalian Bay Submarine Tunnel Project will adopt the construction technology of large-cross-section immersed tube tunnel, which is the second project adopting this technology in China following Hong Kong-Zhuhai-Macao Bridge. It is known as the super project of Dalian and has been selected by the National Development and Reform Commission into the second batch of model PPP projects. China Life will contribute 536.2 million yuan in the current period, with a total investment of 2.304 billion yuan, and will drive the total investment to 16.309 billion yuan. Once completed, the tunnel will serve as a south-north expressway between the core zone in the east and Jinpu New Area, effectively easing the traffic burden to and from the downtown area and promoting the integration of the Diamond Harbor and areas across the Bay.
The investment and construction of the above two projects will be conducive to the development of transport infrastructure in Harbin and Dalian. It will facilitate them to build into modern regional hubs, attract talent and other resources more efficiently, increase the economic and population carrying capacity of the two central cities and surrounding urban agglomerations, and contribute to the revitalization and development of Northeast China. China Life Investment is a specialized alternative investment platform under China Life. Committed to long-term investment, value-based investment and prudent investment, it will continue to invest to strengthen infrastructure and promote the regional coordinated development strategy in China.
As the special legal counsel, the DeHeng team, led by partner Huang Huazhen and with primary support from Zou Minjing, provided whole-process legal services for the client, including project negotiation, negotiation, drafting and revision of contract, and the issue of legal opinions. Their professional and efficient legal service laid a solid foundation for the success of the deal.
