DeHeng (Hong Kong) advised Tonglu New City Development Investment Co., Ltd. (桐庐新城发展投资有限公司) on its issuance of two tranches of CNY denominated credit enhanced bonds in China (Shanghai) Pilot Free Trade Zone

2023-06-16

DeHeng Law Offices (Hong Kong) LLP advised Tonglu New City Development Investment Co., Ltd. (桐庐新城发展投资有限公司) (the “Issuer”, together with its subsidiaries, the “Group”), on its issuance of (i) CNY804,000,000 3.69% credit enhanced bonds due 2026 in China (Shanghai) Pilot Free Trade Zone supported by an irrevocable standby letter of credit provided by Bank of Shanghai Co., Ltd., Hangzhou Branch; and (ii) CNY484,000,000 3.69% credit enhanced bonds due 2026 in China (Shanghai) Pilot Free Trade Zone supported by an irrevocable standby letter of credit provided by Bank of Ningbo Co., Ltd., Hangzhou Branch. 

Since its establishment in 2009, the Group has carried out municipal development activities and provided public services in Tonglu County. The Group’s businesses include infrastructure construction management, sales of price-limited housing, leasing and other ancillary businesses. Leveraging on the development of Tonglu County and Hangzhou City, strong shareholder’s support and the experienced management team of the Group, the Group has undertaken and completed a large number of municipal development projects and played an important role in the development of Tonglu County.

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.