Recently, Grandall Changsha Office advised Pengze County Urban Development Construction Group Co., Ltd. (“Pengze Construction Group”) in its issue of senior unsecured credit enhancement bonds with a maturity of 35 months and denominated in USD under Regulation S to raise funds for Pengze County rural habitat environment comprehensive improvement project and to supplement working capital. The bonds were unrated, with standby L/C provided by Jiujiang Bank Co., Ltd., and closed on 23 December 2022. 

Pengze Construction Group was formed in March 2017, and its shareholder and actual controller is the state-owned assets supervision and administration bureau of Pengze County with a registered capital of RMB 1.1 billion. The issuance aims to improve the rural habitat environment in Pengze County.

Grandall Changsha Office has been retained as the issuer's Chinese legal advisor for the issue of USD bonds with DONG Yajie and CHEN Qiuyue as key lawyers serving the case.