TSHK advised Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Limited on its US$200 million guaranteed bonds
On 12 August 2021, Eric Chow & Co. in Association with Commerce & Finance Law Offices (“TSHK”) advised Zhejiang Baron (BVI) Company Limited (the “Issuer”), an offshore wholly-owned subsidiary of Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Limited (formerly known as “Hangzhou Jianggan District Urban Construction & Comprehensive Development Co., Limited”), (“Hangzhou Shangcheng Comprehensive Development” or the “Guarantor”) in a total of US$200 million, 2.25 per cent. guaranteed bonds due 2024, with 10.5 times oversubscribed at its peak, setting a record for the lowest interest rate of U.S. Dollar bonds on the same rating platform in the PRC.
Hangzhou Shangcheng Comprehensive Development was founded on 25 March 2003 with a registered capital of RMB 3 billion, and mainly carries out regional comprehensive development projects, including land development, construction of relocation housing projects and management of infrastructure and public facilities development projects. It also engages in product sales, commercial housing and real estate development, property management and other principal operating activities, which continues to diversify its business portfolio and is committed to provide collaborative development within its core business.
TSHK acted as the international legal adviser to the Issuer and the Guarantor, providing legal services in relation to the issuance, including drafting the offering circular, preparing and submitting listing application documents and other legal documents. The team was led by Eric Chow (Managing Partner) and Priscilla Lee (Partner), supported by Kevin Tian (Registered Foreign Lawyer) and Ziwei Qiu (Legal Assistant).