Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour completes US$200mm bond offering for Landsea Green Properties
Jan 2020
On 15 January 2020, Admiralty Harbour acted as a Joint Bookrunner and Joint Lead Manager for the US$200m 10.75% 2.75-year senior unsecured green bond offering (the “Notes”) for Landsea Green Properties Co., Ltd. (106.HK, the “Company” or “Landsea”).

The Notes are directly issued by the Company. The issuer is rated B2 Stable/ B Stable /B Stable(Moody’s/S&P/Fitch) and the issue rating is B3/B-/B (Moody’s/S&P/Fitch). Under effective leadership of the Company’s senior management and close collaboration with deal teams, Landsea’s new bond pricing taps the best window of offshore bond issuance. The transaction received strong support from high quality investment institutions. The order book eventually exceeded USD750 million, realizing 3x oversubscription.

This time’s green bond issuance reflects the Company’s effort to support government initiatives to help China transition into a greener economy, especially in green architecture and sustainable banking. Proceeds from the Transaction will be used to repay the Company’s mid-term and long-term debt due within 12 months and, in line with the Landsea’s green bond principles, invest in energy-saving initiatives and other green projects.

About Landsea
The Landsea Group (the “Group”), a fully-integrated international property developer with a strong focus on sustainable technology, was founded in 2001. The Group has been implementing a differentiated green technology strategy since 2004. Currently the Group is well-established in the property development business, while expanding its competency in green nursing homes, green financial services, green design, green decoration and property value-added services and related businesses, with a primary focus on Germany and the US in the international market. In 2015, Landsea Group implemented a new development strategy of “product diversification, asset-light and market-internationalisation” driving the transformation from a traditional developer to an asset-light service-centred sustainable enterprise.

As the subsidiary primarily engaged in property development under the Group, Landsea Green Properties Co., Ltd. operates with the principle of “Build for the People”. To date, Landsea has developed more than 100 green technology property projects with footprints in Shanghai, Shenzhen, Tianjin, Nanjing, Hangzhou and 20 other cities, with over 16 million square meters in total developed area.