DeHeng Hong Kong Advised Shaanxi Xixian New Area Airport New City Development & Construction Group Co., Ltd. on the issuance of three tranches of U.S. dollar-denominated bonds

2023-05-19

DeHeng Law Offices (Hong Kong) LLP advised the managers on Shaanxi Xixian New Area Airport New City Development & Construction Group Co., Ltd. (the “Issuer”, together with its subsidiaries, the “Group”), on its issuance of (i) U.S.$41,000,000 7.8 per cent. bonds due 2026; (ii) U.S.$ 50,000,000 6.2 per cent. bonds due 2026 with the benefit of an irrevocable Standby Letter of Credit provided by Bank of Nanjing Co., Ltd., (the “Nanjing Bank Tranche”) and listed on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (the “MOX”); and (iii) U.S.$ 26,500,000 7.1 per cent. bonds due 2026 with the benefit of an irrevocable Standby Letter of Credit provided by Chang’An Co., Ltd.

Established in October 2011, the Issuer is a state-owned company owned by the Management Committee of Airport New City in Xixian New Area of Shaanxi Province (the “Airport New City Management Committee”) and the Shaanxi Xixian New Area Development Group Co., Ltd. (陝西西咸新區發展集團有限公司). Leveraging on its state-owned background, the Issuer is the key development, construction, operation and investment platform of the Airport New City Management Committee focusing on agent construction, property sales and commodity sales in the Airport New City. The Issuer plays a key role in promoting the social and economic development of the Airport New City and is designated to carry out the Airport New City Management Committee’s directions and plans for municipal development in the Airport New City.

Listing of the Nanjing Bank Tranche on the MOX commenced on 19 May 2023 (Stock Code: MOXTB2308).

Lily Liang, the partner of DeHeng Law Offices (Hong Kong) LLP, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Connie Ip, Catherine Kwok, Evelyn Fan, Fairy Wang, Dexter Yeung, Lilian Kwong, Jeff Wang, Andy Kwok, Sherry Zhang, Neil Wang and Liz Tang.