Ashurst represented Hangzhou Fuyang City Construction Investment Group on LGFV bond issuance
19 July 2021
Global law firm Ashurst advised on Hangzhou Fuyang Chengtou Group (HK) Limited (Issuer) on its second public offering of offshore bonds, in the aggregate amount of US$328 million, guaranteed by Hangzhou Fuyang City Construction Investment Group Co., Ltd (Guarantor), an SOE wholly-owned by the Hangzhou Fuyang District State-owned Assets Supervision and Administration Commissions. The bonds are listed on the Hong Kong Stock Exchange.
Hangzhou Fuyang City Construction Investment Group is one of the most important city construction, investment and financing platforms in Fuyang District of Hangzhou city, and is the sole operator that undertakes infrastructure construction and land development in the central urban area of that district.
Ashurst acted as the counsel to the Issuer and the Guarantor and advised on English and Hong Kong law. The proceeds from the issuance will be used for repayment of existing debt obligations of the Guarantor group that were incurred outside the PRC. Ashurst also advised on Guarantor group's first offshore bonds issuance in 2018.
Lead partner Jini Lee commented: "We are pleased to work together with Hangzhou Fuyang City Construction Investment Group again on their second public offshore bond and to support one of the most important local government financing platforms in the Hangzhou Fuyang district."
The Ashurst team was led by partner Jini Lee, supported by Lynn Liu, Siak Yong Goh and Phil Wang.
