Paul Hastings advises on US$130 million bond deal for YIHE Real Estate Holdings Limited

March 13, 2008

Hong Kong (March 13, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that the firm advised YIHE Real Estate Holdings Limited (the Company), and Leading Peak Enterprises Limited, a BVI registered shareholder of the Company, on the issuance of US$100 million secured convertible bonds and US$30 million exchangeable bonds to Goldman Sachs and CITIC Capital, respectively.

YIHE Real Estate Holdings Limited owns various offshore and onshore entities, which in turn hold various real estate properties in Guangzhou and other areas in the PRC.

The Paul Hastings team was led by Hong Kong partners Raymond Li and Chau Ho and included associates Winnie Lai and Ling Ling.

Paul Hastings recent debt capital markets deals in Asia include:

  • First Gen Corporation, the Philippines largest vertically-integrated power generation company, on its US$300 million 5-year convertible bond offering (advised the issuer).

  • PT Perusahaan Listrik Negara's (PLN) two separate US$1 billion high-yield bond offerings (advised UBS, the sole bookrunner and joint lead manager)

  • Coastal Greenland Ltd's US$100 million high-yield bond offering (advised HSBC, the sole lead manager and bookrunner)

  • Hong Kong listed Skyfame Realty's US$200 million structured convertible bond issue (advised the investors including Indopark Holdings (a Merrill Lynch-managed real estate fund) and the Merrill Lynch Principal Credit Group, Lehman Brothers Commercial Corporation Asia, DKR Soundshore Oasis Holding Fund Ltd and PMA Investment Advisers Ltd)

  • Dragon Base Powers offering of US$150 million convertible notes issued to Citigroup as purchaser (advised the issuer)

  • Softbank Corps sale of Euro 500 million (approx. US$625 million) of high-yield senior notes (advised the issuer)

  • PT Pakuwon Jati's offering of US$110 million high-yield senior secured notes (advised UBS, the sole bookrunner and lead manager)

  • ABN Amros purchase of convertible bonds of China Architectural Engineering Inc, Lijun International Pharmaceutical (Holding) Co Ltd and Asian Time Corporation (advised ABN Amro as purchaser)

  • Bank of China Internationals purchase of secured bonds exchangeable into shares of Hong Kong-listed issuer Golden Dragon Group (advised Bank of China International as purchaser)

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.



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