Paul Hastings Advises China SCE on RMB2 Billion Synthetic Offshore Renminbi Bond

January 17, 2011

Hong Kong (January 17, 2011) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised China SCE Property Holdings Limited (China SCE), a company listed on the Hong Kong Stock Exchange, in its offering of a five-year RMB2 billion (US$301 million) synthetic offshore renminbi bond. Deutsche Bank AG, Singapore Branch and The Hongkong and Shanghai Banking Corporation Limited were the joint bookrunners. The bond is significant in that it is denominated in renminbi, yet settlement is in US dollars.

China SCE is a leading property developer based in Chinas Fujian province. Paul Hastings previously advised China SCE in its US$200 million Hong Kong IPO and global offering in February 2010.

The Hong Kong debt capital markets have been particularly active in 2010 and this deal marks the start of potentially another landmark year for the firm. In 2010, we advised on over US$2 billion in debt capital market transactions including a number of groundbreaking transactions, particularly on behalf of publicly listed property companies. said Raymond Li, chair of the Greater China practice at Paul Hastings in Hong Kong.

The Paul Hastings capital markets team was led by Raymond Li, Vivian Lam and David Grimm assisted by Celia Chau, Pei Fang, Jordan Baggs and Dane Johansen. Our Hong Kong and US teams were supported by tax partners Alexander Lee and associates Friedemann Thomma in the U.S.

In 2010, Paul Hastings advised on debt and equity offerings with an aggregate value of more than US$17 billion in Asia (including 16 successful IPOs and other equity offerings and six debt offerings). In Hong Kong alone, we advised on nearly 23% of all debt raised, by value, by mainland property companies.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.

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