On January 28, 2019, the Yunnan Provincial People's Government successfully issued the 2019 Yunnan Provincial Government Special Bond (Series I) via the government bond issuance system of the Shanghai Stock Exchange of the Ministry of Finance. The collective bond included a RMB 1 billion special bond for the Honghe Prefecture Land Reserve (the Bond). A Dentons Kunming team provided full scope legal assistance on this issuance.

The funds raised in this five-year 3.34% Bond will be used exclusively for the following five projects: Honghe Integrated Bonded Zone Land Reserve Project; Honghe Comprehensive Transportation Hub Land Reserve Project; Lvchun Country Guidong River Valley Live Group Land Reserve Project; 2018 First, Second and Third Batches of Urban Construction Land Reserve Project in Kaiyuan City, Honghe Prefecture; and the 2019 City Development Land Reserve Project in the eastern part of Shiping County, Honghe Prefecture.

The Dentons legal service team was led by Ma Wei, head of Kunming office. Mr. Ma was assisted by senior partner Zhu Chenyi, partners Pu Zhonghua and Yang Qian, and associates Yang Huan, Ma Yunlei, He Yongsheng and Li Mengting. The team provided professional and efficient legal services for this issuance.

By the end of 2018, the balance of local government special bonds was RMB 18.4 trillion, accounting for about one-fifth of the bond market, and local government special bonds have become the largest kind of bond in the market. Taking advantage of our business strengths, project experience and cooperation resources in the field of government and special bond issuance, Dentons Kunming office will actively participate in the special bond issuance of the Yunnan Provincial Government. Through project identification, screening, counseling, etc. during the project development stage, as well as legal due diligence and legal opinions during the project implementation phase, the office will provide the local government with high-quality, comprehensive, all-around professional services, and assist the government to regulate debt financing in accordance with the law and effectively serve the economic and social development of Yunnan Province, comprehensively promoting the quality and efficiency of the local government bond market.