Clifford Chance has advised CMB International.
The issuance of US$66 million 2.6% bonds due 2024 by Hong Kong-incorporated GLP China Holdings Limited, the largest owner and operator of modern logistics facilities in China, is also the first Shanghai FTZ bond issued by a non-PRC incorporated entity.
The first-of-its-kind Shanghai FTZ bonds provide companies seeking funding with the option to tap both the onshore and offshore capital markets, and with the ability to remit the US dollar denominated bond proceeds out of the Shanghai FTZ without specific restrictions. With the bonds’ denomination in US dollars and governance under English law, the issuance also represents another step in the harmonisation of China’s domestic and offshore bond markets for institutional investors.
Clifford hance Partner David Tsai (Picture) was supported by senior associate Nicholas Mai, associate Catherine Ho and trainee Kin Kan Chan. Jingtian & Gongcheng advised on PRC law.
Law Firms: Clifford Chance;
Clients: CMB International Capital Limited;