White & Case advises Greentown China Holdings on landmark notes issuance and concurrent offer to purchase

Global law firm White & Case LLP has advised Greentown China Holdings Limited on its issuance of US$500 million 8.45% senior guaranteed notes due in 2028 (the New Notes) and a concurrent offer to purchase its outstanding 4.7% senior notes due 2025 and 5.65% senior notes due 2025.

White & Case Beijing Office Executive Partner David Li, who co-led the Firm's deal team, said: "The successful completion of this transaction exemplifies the importance of strategic financial planning in today's dynamic market environment and highlights our team's ability to navigate complex transactions efficiently."

The initial tranche of the New Notes was successfully priced on February 13, 2025, and the additional tranche on February 18, 2025. The New Notes were issued on February 24, 2025. Deutsche Bank, HSBC, Guotai Junan International, J.P. Morgan, Soochow Securities (Hong Kong) and UBS served as the initial purchasers and acted as the joint global coordinators, joint lead managers and joint bookrunners on the offer and sale of the New Notes. The concurrent offer to purchase was launched on February 13, 2025, and settled on February 25, 2025.

The issuance of the New Notes marks Greentown China Holdings' first return to public debt market since its last issuance in January 2022, and is the first large-scale debt offering by a major Chinese real estate enterprise since 2023.
 
White & Case Hong Kong Office Executive Partner Jessica Zhou, who co-led the Firm's deal team, said: "This complex transaction involved navigating various deal structuring and documentation modalities. It once again demonstrated our unrivalled capabilities of handling significant transactions for Chinese issuers."

Greentown China Holdings is one of the leading property developers and an integrated living service provider in the People's Republic of China.

The White & Case team which advised on the transaction was led by partners David Li (Beijing) and Jessica Zhou (Hong Kong) and included partner Ryan Tou (Hong Kong) and associates Paul Qu, Hilda Leung, Yuning Zhou (all Hong Kong) and Jeff Wang (Beijing).

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