Ashurst advised China Development Bank Corporation on a US$1.5 billion term loan facility granted to Transnet SOC LTD, South Africa's state-owned ports and rail operator. This funding serves as partial financing for the purchase of 691 locomotives from subsidiaries of CRRC Corporation Limited, the new merged entity arising from a recent merger of the former CNR and CSR, two major PRC rolling stock suppliers. The procurement was made for the purpose of building locomotives in Africa's most industrialised economy.

Subject to the parties' agreement, an additional US$1 billion facility may be granted by CDB. Transnet is in the third year of a seven-year, 312.2 billion-rand plan to increase South Africa's rail and port capacity.

The Ashurst team was led by Singapore-based finance partner Chin Chuan Chen, with assistance from senior associates Fan Zhibin, Emma Zhang and Virginia Tan from the firm's Beijing office, and associate Shadow Ni from Ashurst's Hong Kong office.