The credit-enhanced bonds are due 2026

Davis Polk advised the joint lead managers in connection with a Regulation S offering by Tonglu New City Development Investment Co., Ltd. of the RMB804 million 3.69% credit-enhanced bonds due 2026 with the benefit of an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.

Tonglu New City Development Investment Co., Ltd. is a solely state-owned enterprise in Tonglu County, Hangzhou City, China, mainly engaged in industrial investment and municipal engineering construction.

The Davis Polk corporate team included partner Gerhard Radtke, counsel Bingqing Pan and registered foreign lawyer Moran Zhang. Members of the Davis Polk team are based in the Hong Kong office.

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