Cases
Hylands assists the ABS of Public Affordable Housing of Jiangbei New Area, Nanjing to get approval
On October 31, 2019, ‘China Investment Securities–ABS of Public Affordable Housing of Jiangbei New Area Special Plan’ successfully obtained the no-action letter for the listing transfer from the Shanghai Stock Exchange. The total target raising size of the project was CNY 533 million and that of senior securities was CNY 503 million, accounting for 94.37%, while that of subordinated securities was CNY 30 million. Zhongcheng Securities Appraisal Co. Ltd. rated the senior ABS as AAA based on the underlying assets, the transaction structure arrangement, the guarantee arrangement, and other factors of the project.
As the legal adviser of the project, the legal team led by attorney Wenhao DONG, a partner of Hylands Law Firm, and attorneys Yanan TIAN and Mengyao WU, provided high-quality and efficient legal services, including conducting due diligence on the underlying sponsor and the underlying assets, the underlying debtors and the underlying assets, feasibility demonstration of the transaction structure, preparation of transaction documents, inspection and verification of special issues, research and analysis, assistance in standardizing the corporate governance mechanism and drafting the declaration documents of the listed project, and issuance of legal opinions for listing, etc.
The project was managed by China CICC Wealth Management Securities Company Limited. The primary sponsor is Nanjing Jiangbei New Area Public Assets Investment Development Co. Ltd. The affordable housing assets are located in Liuhe District of Nanjing City, which has actively responded to the call of Jiangsu Provincial People’s Government to effectively improve the living conditions of residents and speed up the renovation of shantytowns.