DeHeng Assisted CR Land in Issuing Offshore Bonds

2025-11-25

China Resources Land Limited (“CR Land”) successfully issued USD 300 million 3-year offshore bonds and RMB 4.3 billion 5-year offshore bonds in November 2025. This marks CR Land’s first offshore green bond issuance and set multiple records: the largest offshore renminbi dim sum bond issuance by a Chinese real estate enterprise, the lowest yield among 5-year offshore renminbi bonds issued by Chinese real estate enterprises, and the narrowest spread among 3-year USD bonds issued by Chinese real estate enterprises.

As CR Land’s PRC legal counsel for this transaction, the DeHeng team, with primary support from Hou Zhiwei, Zhang Yan, and Jin Songjin, assisted CR Land in successfully completing the issuance.