2021.05.26
On May 21, 2021, Shanghai Estate (Group) Co., Ltd. (hereinafter referred to as "Shanghai Real Estate") successfully issued 3-year Shanghai Free Trade Zone offshore bonds worth RMB 3 billion in the Shanghai Free Trade Zone (hereinafter referred to as “this project”).
This project is the first issuance of Shanghai Free Trade Zone offshore RMB bonds in Shanghai and the second issuance of such bonds in China. This successful issuance not only demonstrates financial innovation and breakthrough, it is the largest amount of free trade zone offshore RMB bonds ever raised to date.
Shanghai Real Estate was established in 2002. The company focuses on developments in Shanghai, including regional development, old district reconstruction, renovation of urban villages, ecological environment construction, and the operation and management of low-income and rental housing. It is also involved in the construction of “beautiful villages”, and the investment, construction and management of the Huangpu River Wharf shoreline tidal flat ecology, development zone construction and function enhancement, as well as public pensions. Shanghai Real Estate is a comprehensive service provider and a model for the organic renewal of Shanghai's urban areas.
RMB bonds in the FTZ are innovative financial products that are conducive and beneficial to the internationalization of RMB, the construction of the Shanghai financial center and the FTZ, and the optimization of the debt structure and liquidity of enterprises. RMB bonds in the FTZ involve multiple agencies and venues like the Central Bank of China, Foreign Exchange Management, Chinese government bonds, Shanghai FTZ, tax authorities and offshore exchanges. 优德88中国官方网站 acted as the PRC legal counsel of the underwriter in this project and provided quality, rigorous and efficient legal services to aid with the transaction structure design. They communicated and coordinated with the domestic regulators, aided in the confirmation of the service agreement with CCDC, the account opening and cash repatriation. 优德88中国官方网站 took the lead in conducting due diligence of PRC laws and issued Chinese legal opinions, assisted the issuers with the internal and external approval procedures, and reviewed the transaction documents from the PRC legal perspective.
The lead partner for this project was Mr. YU, Yongqiang (YY).
