Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, advised Zhoushan Islands New Area Penglai State Asset Investment Group Co., Ltd. (舟山群岛新区蓬莱国有资产投资集团有限公司) (the “Issuer”, together with its subsidiaries, the “Group”) on its issuance of US$150,000,000 3.90% credit enhanced bonds due 2025 supported by an irrevocable standby letter of credit provided by Bank of Hangzhou Co., Ltd. Zhoushan Branch and listed on the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).
Established in 1999, the Issuer is a state-owned enterprise located in Daishan County, Zhoushan City, Zhejiang Province, China, substantially controlled by the Daishan County Finance Bureau. The Group is the core operating entity responsible for sales of resettlement housing and affordable housing, as well as land development and consolidation in Daishan County, serving the dual purposes of supporting the social and economic development of Daishan County and achieving business growth. Relying on the robust economic growth of Daishan County and the favourable local and national strategies, the Group has undertaken and completed a large number of urban development projects in Daishan County, playing a significant role in the development of Daishan County.
Listing of the bonds on the Hong Kong Stock Exchange commenced on 15 June 2022 (Stock code: 5299).
The Partner of Chungs Lawyers, the associated firm of DeHeng Law Offices in Hong Kong, Lily Liang, led the team including Jason Wong, Vanessa Lai, Darryl Ting, Christina Yip, Catherine Kwok, Dexter Yeung, Lilian Kwong, Fairy Wang, Evelyn Fan, Jeff Wang, Andy Kwok, Neil Wang, Sherry Zhang and Janice Yang.