On 28 May 2020, Beijing Hongkun Weiye Real Estate Development Co. Ltd ( "Hongkun" or “the Company”) successfully completed the second tap issuance of its original US$150m 14.75% Senior Notes maturing in 2022, with the tap size of US$55m.
Fitch upgraded Hongkun’s rating outlook to stable due to the improvement of its capital structure and liquidity, which was one of the few recent rating upgrade cases for real estate companies in China. In light of the recovery of high-yield bond market and rating improvement, Admiralty Harbour as leading Joint Global Coordinator and Joint Bookrunner assisted the Company to successfully complete the issuance. The total size of the original notes reached US$205m after the tap issuance. This is the ninth debt capital market deal of Admiralty Harbour since 2020.
About Beijing Hongkun
Since its inception in 2020, Hongkun Real Estate has cumulatively developed more than 50 projects and has a well-established development portfolio in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Pearl River Delta, Central China and Hainan Province, including projects in Beijing, Tianjin, Hebei, Jiangsu, Guangdong, Anhui, Hainan and Hubei. The business of the Company consists of 3 parts, residential properties,commercial properties, and property services. For 7 consecutive years, from 2013 to 2019, Hongkun were among the “Top 100 Real Estate Developers in China” list. The Company were also awarded the “Top 10 Innovative China's Real Estate Development Enterprises”, the “Top 10 Brand Value of China Real Estate Development Enterprises in North China", etc.