AllBright Advises Greenland Global on Senior Notes Issuance2014-07-013267
On June 25, 2014, Greenland Global Investment, Ltd. issued US$1 billion senior notes at the Hong Kong Stock Exchange to finance its future overseas expansion. AllBright is the legal adviser for Greenland Global’s parent company, Greenland Group. This is the first parent-guaranteed overseas debt issuance after China’s State Administration of Foreign Exchange issued a new cross-border foreign exchange guarantee regulation on June 1.
Since its establishment on July 18, 1992, Greenland Group has established a diversified industrial structure through both industrial and capital operations under which “energy and finance divisions are developed simultaneously with real estate as its core business.” The Group ranks 359th in 2013 on the Fortune Global 500 list and 55th among Top 500 China Enterprises. Among the US$1 billion senior notes, US$400 million five-year notes carried an interest rate of 4.375%, while the rest US$600 million 10-year notes carried an interest rate of 5.875%, both lower than similar bond rates for other major Chinese real estate companies.
AllBright partners Lawrence Zhu, Ark Bao and Maggie Chen, and associates Wells Chen and Mao Yiwen formed the Chinese legal team to advise the project through the whole procedure and issued a legal opinion as well as helped Greenland to complete the cross-border foreign exchange guarantee registration.