King & Wood Mallesons has advised Qingdao City Construction Investment (Group) Limited (QCCI) as international counsel on its US$500 million perpetual capital bond offering through its Hong Kong subsidiary.

QCCI is the investment and financing platform of the Qingdao government and plays an important role in implementing the municipality’s blueprint for urban planning and municipal construction. It is primarily engaged in the development of large-scale infrastructure projects, primary land development, social affordable housing and commodity housing, water treatment, tourism and travel services and financial services.

The transaction is the first US-dollar perpetual securities sale by a Chinese local government financing vehicle.

The King & Wood Mallesons team was led by Hong Kong-based partner Hao Zhou, and supported by partner Richard Mazzochi.

Commenting on the transaction, King & Wood Mallesons partner Hao Zhou said, “This transaction is another major offshore financing of QCCI after its debut USD bond offering in February this year, for which we acted as its international counsel. We are delighted to have had the opportunity to advise QCCI on another ground-breaking transaction.”