UK firm Eversheds has represented real estate developer New World China Land (NWCL) in the largest ever dim sum bond offering by a corporation, which raised 4.3 billion yuan ($682 million).

The initial offering – the first by a property developer this year – of 2.8 billion yuan was met with high investor demand, prompting NWCL to sell a further 1.5 billion yuan. The transaction also marks the first dim sum debt offering by NWCL.

Hong Kong-based partners Kingsley Ong and Stephen Mok led the Eversheds team that advised NWCL on the transaction, while Clifford Chance acted for joint lead managers HSBC and BOC International.

“With the bonds heavily oversubscribed and sold at a premium, the demand of this offering goes beyond just general investor interest in offshore RMB bonds,” said Ong. “It reflects market confidence in NWCL and the New World group,” he added.

The capital raised will be used to fund NWCL’s strategic expansion plans, Mok said.

Eversheds has worked with NWCL on a number of fundraising transactions and acquisitions. In December 2011, the firm advised NWCL on a rights issue to raise up to HK$4.3 billion. ALB

Kanishk Verghese is North Asia journalist at ALB. Follow him on Twitter: @ALB_Magazine.

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