Legal aspects of investing in EMD Stephen Fang, Head of Global Restructuring and Insolvency Thu-Ha Chow, Head of Asian Credit Cecely Hugh, Research Analyst - Credit
China cross border structures and considerations Onshore guarantor/security provider for offshore debtor and creditor ( 内 保 外 贷 Nei Bao Wai Dai ) Other forms of credit enhancements Offshore Bondholders Offshore Issuer PRC Bank offshore branch/ offshore subsidiaries SBLC or guarantee Guarantee Onshore guarantor Offshore Onshore Offshore Issuer 50% Subsidiary 50% Offshore Bondholders Keepwell/EIPU Offshore Onshore Onshore parent Standby RMB facility PRC Bank
Greenland guarantee vs keepwell Greenland Holding Group Employee Shareholding Association 29.09% 20.76% Shanghai Urban Construction Investment and Development Corporation Shanghai SASAC 48.45% Shanghai Real Estate (Group) Co., Ltd 19.99% Shanghai Zhongxing (Group) Co., Ltd 7.70% Shanghai Tianchen Co. Corporation (600620, SH) Shenzhen Ping an Innovation Capital Investment Co., Ltd CDH Investments (Limited Ningbo Huisheng Fund (Limted Zhuhai Puluo Fund (Limited Shanghai International Trust and Investment Corporation Development (Limited 2.31% 10.01% 4.30% 3.86% 1.01% 0.97% 18 regional real estate divisions Greenland Financial Investment Group Greenland Auto Services Group Greenland Construction Group Greenland International Hotel Management Group Greenland Energy Group 80% 49% 90% Greenland Holding Group Co., Ltd (Guarantor/Keepwell Provider) 10% Greenland Business (Group) Co., Ltd Hong Kong Vee Eight Limited Gluon Xima International Limited 60% Greenland Hong Kong Holdings Limited (337. HK) (Issuer) Greenland Holding Group Overseas Investment Co., Ltd Greenland Hong Kong Investment Group Limited Greenland Global Investment Limited (Issuer) Yunfeng Group 54.5%
India cross border structures and considerations Overseas Direct Investments Rupee and foreign currency bonds Indian Parent Bondholders USD Notes Corporate guarantee Parent guarantor India Overseas Corporate guarantee Note Issuer Security Share pledge over shares of Note Issuer and charge on escrow account Overseas Rupee Bonds India Automatic route JV or wholly owned subsidiary Bondholders Rupee Bond Issuer Security Charge on immovable and movable assets of Rupee Bond Issuer
Legal considerations Security Subordination Risk/ opportunity Covenants Jurisdiction/ governing law
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