Chungs Lawyers, the associated firm of DeHeng in Hong Kong, advised Wenzhou Lucheng District State-owned Holding Group Co., Ltd. on its second issuance of CNY$972,000,000 4.10% credit enhanced notes due 2025 with the benefit of an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd Wenzhou Branch (杭州銀行溫州分行), and listed on the Singapore Exchange.
Established in 1989, Wenzhou Lucheng District State-owned Holding Group Co., Ltd. is a major investment, construction and state-owned assets operation platform, and the core operating entity carrying out urban development activities and providing public services in Lucheng District of Wenzhou City（溫州市鹿城區）. In 2019 and 2020, Wenzhou City had the third highest GDP among all cities in Zhejiang Province, whilst Lucheng District had the highest per capita disposable income among all municipal districts of Wenzhou City.
Partner of Chungs Lawyers, the associated firm of DeHeng in Hong Kong, Lily Liang, led the team together with partner of DeHeng Law Offices (Hangzhou), Junfu Huang. The team includes Tracy Wong, Jason Wong, Lawrence Lam, Dexter Yeung, Lilian Kwong, Catherine Kwok, Amber Cao, Evelyn Fan, Fairy Wang, and Jeff Wang.