Davis Polk advised Greenland Hong Kong Holdings Limited (Greenland Hong Kong), a subsidiary of Greenland Holding Group Company Limited (Greenland Holding), in connection with its Regulation S offering of US$700 million 4.75% bonds due 2016. The bonds were supported by a keepwell deed and a deed of equity interest purchase undertaking from Greenland Holding. Together with Vanke and Poly Real Estate, Davis Polk has advised the three largest real estate companies in PRC (in terms of contract sales in 2012) in their debut international bonds offering this year. 

The bonds were assigned a rating of ‘‘Ba1’’ by Moody’s, a rating of ‘‘BB+’’ by S&P and a rating of ‘‘BBB-’’ by Fitch. Greenland Holding has a corporate family rating of ‘‘Baa3’’ by Moody’s, a long-term corporate credit rating of ‘‘BBB’’ by S&P and a long-term foreign currency issuer default rating and senior unsecured rating of ‘‘BBB-’’ by Fitch. 

Greenland Hong Kong is principally engaged in the development of quality residential, commercial and hotel properties in PRC. Its ordinary issued shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKSE code: 0337). Greenland Holding is a leading group company in PRC with a focus on real estate business. Greenland Holding is among the ‘‘Fortune Global 500’’ companies in 2013.

The Davis Polk corporate team included partners Paul Chow and Eugene C. Gregor and associates Liang (Alex) Tao and Christine Xu. Counsel Alon Gurfinkel provided tax advice. Tingting Chen was the legal assistant on this transaction. Members of the Davis Polk team are based in the Hong Kong and London offices.