Flexing its newly acquired capabilities, Milbank LLP’s expanded China Capital Markets practice based in Hong Kong recently advised on investment-grade and high-yield debt issuances totaling US$1.9 billion involving five leading Chinese property companies. It’s an exceptionally strong start for partner Liang (Alex) Tao, who joined the firm just two months ago.
This strong showing included advising: China Vanke, the second largest property company in China and a Fortune 500 company, on the annual update of a US$9.5 billion Medium Term Note (“MTN”) program by its subsidiary Vanke Real Estate (Hong Kong) Company Limited; Greenland Group, a real estate-focused Chinese conglomerate and Fortune 500 company, on a series of note offerings under its guaranteed US$8 billion MTN program under Regulation S; Morgan Stanley and UBS as underwriters on the Regulation S issuance of US$300 million 4.60% senior notes due 2030 by Shimao Group Holdings Limited, a diversified real estate development company and one of the top 10 property companies in China; Goldman Sachs, Morgan Stanley, UBS and other managers on the Regulation S issuance of US$300 million 6.75% Senior Notes due 2025 by Times China Holdings Limited, a leading property company focusing on the Pearl River Delta region in China; and Haitong Securities and other managers on the Regulation S issuance of US$150 million 12.00% senior notes due 2022 by Jingrui Holdings Limited, a leading property company focusing on the Yangtze River Delta region in China.
The issuances were completed during challenging economic circumstances brought on by the current global pandemic.
All of the transactions above were led by Hong Kong capital markets partner Liang (Alex) Tao, together with associate York Wu. Mr. Tao, who recently joined Milbank in June this year, has extensive experience advising on international capital market transactions by Chinese companies, including issuers in the highly dynamic real estate industry.
Mr. Tao said: “We are very pleased to have successfully advised the financial institutions and the issuers on these transactions, particularly given the challenging and uncertain market conditions under which they were completed. The success of these transactions attests to investors’ confidence in China and its resilient real estate sector.”
As exemplified by the successful closings of these transactions, Mr. Tao’s addition to Milbank has further strengthened its market-leading capital markets capabilities in Asia.
Regarding Mr. Tao’s auspicious start at Milbank, James Grandolfo, head of Milbank’s Hong Kong office said: “We are thrilled with Alex’s seamless transition to Milbank and to have him on our team. The complexity and volume of these transactions attests to Alex’s high level of skill and standing in the market. We look forward to his continued success at Milbank and the growth of our practice.”