DLA Piper has advised the Agricultural Bank of China’s Hong Kong office and its international investment arm ABCI Capital as joint lead managers for China Chengtong Development Group’s RMB 600 million dim sum bonds issuance.
China Chengtong joins the growing numbers of local and foreign enterprises such as Hopewell Highway, Hopewell Volkswagen AG and Unilever NV to issue the yuan-denominated debt in Hong Kong in an effort to both take advantage of the growing pool of yuan deposits and demand for yuan investment in Hong Kong and escape the escalating costs associated with commercial lending in China.
China Chengtong is an investment holding company focusing on property development and investment. The enterprise is known for the construction of commercial and residential projects such as CCT Champs-Elysees in Shandong’s Zhucheng city and Chengdong International New Town in Jiangsu’s Dafeng city. ALB
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