Kunming Public Rental Housing Development and Construction Management Company Limited ("Kunming Public Rental Housing Company") recently issued 3-year USD 100 million senior unsecured fixed rate bond with a coupon of 5.5% and listed on the Stock Exchange of Hong Kong. Grandall Kunming Office has been retained as the Chinese legal advisor with JIANG Jingjing, MENG Jingxia, and ZHOU Yuhong as key lawyers serving the project. 

Established in 2011, Kunming Public Rental Housing Company is the only enterprise approved by Kunming Municipal People's Government to be responsible for the development and construction of subsidized housing at the Kunming municipal level and to undertake the project management and operation functions of the subsidized housing construction, as well as the only pilot housing rental enterprise in Yunnan Province. The company focuses on establishing a perfect investment and financing mechanism and operation management mechanism to effectively promote the construction of public rental housing and other subsidized housing, and has been widely recognized by the market for its experience and achievements in developing subsidized housing projects and providing a comfortable living environment for residents. As the first overseas bond successfully issued through its own credit in Yunnan Province in 2021, the issuance of this USD bond successfully demonstrates the international investors' recognition in the capital market and their firm confidence in its future development prospect.