Press Release

White & Case Advises Greentown on Significant Liability Management Transactions

Global law firm White & Case LLP has advised leading Chinese residential property developer, Greentown China Holdings Limited, on its solicitation of consents from holders of its RMB2.5 billion 5.625 percent Senior Notes due 2016, US$700 million 8.5 percent Senior Notes due 2018 and US$500 million 8.0 percent Senior Notes due 2019.

White & Case also advised Greentown China on its concurrent offer to eligible holders of the US dollar-denominated Senior Notes due 2018 and 2019 to exchange for, and its concurrent reopening offering to new investors of, US$500 million 5.875 percent Senior Notes due 2020.

The dealer managers for the consent solicitations and the exchange offer, as well as the joint underwriters of the reopening offering, are Credit Suisse Securities (Europe) Limited, The Hongkong and Shanghai Banking Corporation Limited, UBS AG, Hong Kong Branch and BOCI Asia Limited.

White & Case previously advised Greentown China in 2009 on its consent solicitation and exit tender offer with respect to its US$400 million 9.0 percent Senior Notes due 2013 as well as all high yield and bank financings since 2009.

Beijing-based White & Case partner David Li, who co-led the team which advised on the transaction, said: "This is a rare, innovative and highly structured liability management exercise, which gives our long-standing client, Greentown China, significant financial and operational flexibility in the next five years. At the same time, it gives new investors an opportunity to invest in a credit-enhanced leading real estate developer in China."

Singapore-based White & Case partner Kaya Proudian, Head of the Firm's Asia Capital Markets Practice, who co-led the team, said: "The complexity of this transaction required extensive structuring and execution expertise on the ground in Asia. This landmark deal demonstrates the Firm's strong capital markets capabilities in Asia and our team is well placed to advise Greentown China on this type of transactions."

Simon Fung, Chief Financial Officer at Greentown China, said: "This is a landmark transaction for Greentown China and we are very pleased with its result. White & Case continues to be our trusted partner in our financings and I look forward to working with White & Case in future financings."

The White & Case team which advised on the transaction included lawyers from a number of offices. It was co-led by partners David Li (Beijing) and Kaya Proudian (Singapore) and included partner Baldwin Cheng (Hong Kong), with support from associates June Chun (Beijing), Douglas Tan (Shanghai), Hendy Handoko and Christina Lui (both Singapore).

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